Dimensional analysis can be used to derive equations, check if equations are dimensionally correct, and find the dimensions or units of derived quantities. It involves identifying the fundamental dimensions - such as length, time, mass - of the variables in an equation. An equation is dimensionally correct if the dimensions on both sides are equal. For example, the equation for velocity, v=s/t, can be dimensionally checked as [v]=[s]/[t] which gives meters/second. Dimensional analysis allows deriving the formula for the period of a pendulum as T=2π√(l/g).