CMake error: Boost not found

Problem

The following error is displayed when running CMake:

No Boost libraries were found. You may need to set BOOST_LIBRARYDIR to the
directory containing Boost libraries or BOOST_ROOT to the location of
Boost.

or

Unable to find the Boost header files. Please set BOOST_ROOT to the root
directory containing Boost or BOOST_INCLUDEDIR to the directory containing
Boost's headers.

Solution

TODO