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Step-by-step explanation

Carrying out a gap analysis is very vital because it helps in finding out if there's financial optimization in the project which one of the major goals for every project. Identifying these gaps helps know the places that are not functioning accordingly and also find out why there's no optimization at this point.
This is very vital as it helps in finding out the areas of the project where the funding is lacking or is limited in relation to the progress they are expected to achieve or have achieved as at that time.
Also, it's very important in the seeking out if there are any leaks and ensuring that they are all patched up. This is to minimize wastage as there are some areas in the project that may be having allocations that are unnecessary.
Furthermore, it adds value to the strategic financial plan through effective monitoring of strategies that were put in place to ensure that goals are accomplished successfully. 
Finally, they help in ensuring that the necessary adjustments are made concerning the financial allocations before deciding on a course of action.