Final answer:
After studying and documenting the current physical system, the analysis team should define user requirements for the new/modified system.
Step-by-step explanation:
After the analysis team studies and documents the current physical system, their next step should be to define user requirements for the new/modified system. This is an important part of the design process as it helps in understanding what the users need from the system. By defining user requirements, the design team can ensure that the new/modified system meets the needs and expectations of the users.
For example, if the current physical system is a software application, the analysis team might identify that the users require additional features or improved performance. These requirements would then be used to guide the design of the new/modified system.