Which of the following techniques involves determining and documenting the variance between business requirements and current capabilities?

Risk analysis identifies, assesses, and prioritizes potential threats or uncertainties to project objectives - it addresses what could go wrong, not the variance between requirements and capabilities.

Schedule analysis examines the project timeline, task sequencing, and resource allocation to evaluate duration and feasibility - it does not compare business requirements to existing capabilities.

GAP analysis formally compares the current state (existing processes, systems, or capabilities) against the desired future state (business requirements or goals) to document the variances that must be addressed. The identified gaps become the basis for defining scope, prioritizing initiatives, and planning the transition from current to future state. This technique is a foundational practice in business analysis, recognized in the IIBA BABOK under needs assessment and strategy analysis.

Cost benefit analysis compares the financial costs of a solution against its projected benefits to support an investment decision - it is an economic evaluation, not a capability variance assessment.