For power system operation and control State estimation has become essential in recent days. To evaluate this State estimation, to reach out and recorder system status Supervisory Control and Data Acquisition and Energy Management System are intended due to which are operated at specified time. Phasor Measurement Unit is one of the crucial techniques for auditing a system. To make system performance is honest, keeping Phasor Measurement Units in a system is very much helpful, and that will be intended to help operating time reduced by very much. Due to this another problem may arise, that is substation updating cost may increase due to these Phasor Measurement Units. In this paper an optimal set of Phasor Measurement Units along with optimal locations Dual Use Line Relays are achieved for complete economic analysis of a power network using both complete and incomplete observability analysis. No of Phasor Measurement Units required to attain the complete perceptibility of a network are considerably diminished using incomplete observability analysis. To test IEEE 14, 24, 30, 57 and both SR and sub systems 1, 2 with a size of 270 and 444 buses, the recommended complete and incomplete observability analysis are used to place Phasor Measurement Units. Similarly IEEE 14, 30 and 57 bus systems are considered for both Phasor Measurement Units and Dual Use Line Relays placement. Also single Phasor Measurement Unit loss condition is considered by using complete observability analysis.