Impact Analysis is a systematic process used to assess the potential effects of a change or decision within a project or organization. It helps identify the positive and negative consequences that may arise from implementing a new strategy, policy, or technology. By evaluating these impacts, stakeholders can make informed choices and minimize risks. This analysis often involves examining various factors, such as financial implications, operational changes, and effects on employees or customers. Tools like SWOT analysis and cost-benefit analysis are commonly used to facilitate this evaluation, ensuring that all relevant aspects are considered before proceeding with a change.