This task helps you in project planning by gathering information on the resources available, constraints, and assumptions; identifying the risks; and building contingency plans. I would further add that this is also the time to identify the key stakeholders that will be impacted by the decision(s) to be made.

A couple of points here. When examining the resources that are available, do not neglect to scour the records of past and current projects. Odds are someone in the organization has worked, or is working on the same problem and it may be essential to synchronize your work with theirs. Don't forget to enumerate the risks considering time, people, and money. Do everything in your power to create a list of stakeholders, both those that impact your project and those that could be impacted by your project. Identify who these people are and how they can influence/be impacted by the decision. Once this is done, work with the project sponsor to formulate a communication plan with these stakeholders.