Fuel cell technology is a promising means of energy conversion, As the technology matures, process design and analysis are gaining importance. The conventional measures of fuel cell performance (i.e., gross real and voltage efficiencies) are limited indices-of-merit. Contemporary second law concepts (availability/exergy, irreversibility, exergetic efficiency) have been used to enhance fuel cell evaluation. A previously modeled solid oxide fuel cell has been analyzed using both conventional measures and the contemporary thermodynamic measures. Various cell irreversibilities were quantified, and their impact on cell inefficiency was better understood. Exergetic efficiency is more comprehensive than the conventional indices-of-performance. This parameter includes thermal irreversibilities, considers the value of effluent exergy, and has a consistent formulation. Usage of exergetic efficiency led to process design discoveries different from the trends observed in conjunction with the conventional efficiency-measures. The decision variables analyzed were operating pressure, air stoichiometric number (inverse equivalence ratio), operating voltage and fuel utilization.