What does a concept model typically include in its initial phase?

A concept model in its initial phase primarily includes a glossary of terms relevant to the business. This is crucial because it establishes a common language and understanding among stakeholders involved in the project. By defining key terms and concepts, everyone can align on the project's core ideas and objectives, which minimizes confusion and discrepancies later on.

Including a glossary at this stage helps to ensure that all stakeholders, whether they are analysts, developers, or business leaders, have a clear understanding of the terminology that will be used throughout the project, which is vital for effective communication and collaboration.

The other options, while important in their respective contexts, do not specifically pertain to the foundational elements of a concept model. A detailed business plan and financial projections are typically developed later in the process, once the core concepts and needs have been established. Competitive analysis also comes later, as it usually involves assessing market conditions and competitors after defining the fundamental project goals.