Which of the following are key phases of the business analysis lifecycle?

The key phases of the business analysis lifecycle, particularly embodying the essence of business analysis, include planning, elicitation, analysis, and documentation.

In this context, planning involves identifying the scope of the project and outlining the approach and resources needed. Following this, elicitation is the phase where business analysts gather requirements from stakeholders through various techniques such as interviews, workshops, or surveys. This step is crucial because it ensures that the requirements are understood clearly and comprehensively.

Once the information is gathered, analysis takes place. During this phase, the gathered requirements are examined to identify any discrepancies, prioritize them, and ensure they align with business objectives. This activity is vital as it lays the groundwork for effective solutions and further development.

Finally, documentation is the phase where all the findings, requirements, and analysis outputs are formally recorded. Proper documentation is essential for maintaining clarity throughout the project and serves as a reference point for stakeholders and team members.

This sequence correctly reflects the systematic approach that business analysts take to ensure successful project outcomes. Other options do not encompass the specific phases associated with the comprehensive process of business analysis, which focuses on requirements and stakeholder engagement.