Which of the following is a key function of business analysis?

Identifying business needs is a fundamental function of business analysis because it serves as the foundation for all subsequent activities within the business analysis process. This step involves understanding the problems, opportunities, and needs of the organization, which allows analysts to propose effective solutions that align with the overall strategic goals. By accurately identifying these needs, business analysts can ensure that the solutions developed address the core issues rather than just treating symptoms.

This activity is critical because it informs stakeholders about what is truly necessary for the business to thrive and succeed. It sets the stage for defining project requirements, prioritizing initiatives, and creating deliverables that will ultimately lead to valuable outcomes for organizations. In contrast, functions like defining the project budget or implementing technology solutions are specific actions that occur after the identification of business needs, making identifying those needs the most essential element of the entire analysis process.