Final answer:
Process analysis encompasses the knowledge of process components and their interrelations, along with identifying improvement opportunities, thus the correct option is 'c. Both'.
Step-by-step explanation:
Process analysis includes both knowledge of process components and relationships between them, as well as the identification of opportunities for improvement. Therefore, the correct answer to the question is 'c. Both'.
The essence of process analysis lies in the deep understanding of every step in a process, how each step influences another, and identifying areas where the process could be more efficient or effective. This comprehensive analysis covers various aspects from collecting and organizing data to making and testing hypotheses, and it extends to improving designs—each step with the overarching goal of optimizing the process and delivering better outcomes.