Which one of the following is NOT a financial appraisal component?

The correct choice highlights that stakeholder analysis is not considered a financial appraisal component. In the context of financial appraisals, components are primarily focused on quantifying the financial implications of a project or investment.

Financial appraisal typically includes assessing the impact on the balance sheet, analyzing the net effect on prices, and evaluating the implications for income and expenditure accounts. These components provide a comprehensive view of how a project will affect the financial health and performance of an organization.

In contrast, stakeholder analysis, while essential for understanding the broader implications of a project and how it will be received by different groups, is more aligned with strategic, operational, and stakeholder management considerations rather than direct financial outcomes. It examines the interests, influence, and potential responses of stakeholders, which does not directly relate to the financial appraisal's focus on metrics and financial performance indicators. Thus, this choice is correctly identified as not being a component of financial appraisal.