What is a functionality analysis in which a team gathers data through interviews and documentary sources and documents business functions, activities, and transactions.

Business impact analysis (BIA) is called a functional analysis in which a team collects data through interviews and documentary sources; tracks business functions, operations, and transactions; establishes a business function hierarchy; and finally, a classification scheme is applied to show the degree of criticality of each function.

Explanation: Business impact analysis involves identifying a company's essential structures and functions, and interviewing departmental representatives. Once the support of the management is solidified, a business impact analysis must be performed to identify the threats facing the company and the potential costs of these threats.