Business Impact Analysis (BIA)
A method of identifying the effects of failing to perform a function or requirement.
A Process of analyzing activities and the effect that a business disruption might have on them.
Note (1): The BIA should identify all critical business functions, qualify and/or quantify losses as a result of such interruptions, determine the tolerable downtime and minimum resources needed to recover the critical business functions.
Note (2): Typically, for the first BCP project the organization is involved in, all business units should be involved during the BIA. For subsequent BCP projects and if there are no significant organizational changes, then only business units with critical business functions will be involved.
Source: BCM Institute