What is the significance of stakeholder analysis in business cases?

Stakeholder analysis is crucial in business cases because it identifies key individuals who influence the project. This process involves recognizing stakeholders' interests, power, and influence on the project's outcome. By understanding who the stakeholders are, their motivations, and how they might affect the project, project managers can tailor their communication and engagement strategies effectively. Engaging stakeholders early and appropriately helps to garner support, address concerns, and mitigate risks, ultimately leading to a more successful project outcome.

The other options, while they address important aspects of project management, do not encapsulate the primary purpose of stakeholder analysis. Budget determination, regulatory compliance, and project timelines are typically derived from other analyses and planning processes rather than being the specific focus of stakeholder analysis. The effectiveness of a business case significantly hinges on the understanding and management of its stakeholders, making this analysis essential.