8. Strategy formulation would be incomplete without the analysis of: A. Business environment B. System C. Organization D. HR

Strategy formulation would indeed be incomplete without the analysis of:

A. Business environment: This includes understanding the market trends, customer needs, competitor strategies, etc. It's crucial to know the external factors that could affect your business strategy.

B. System: This refers to the internal systems and processes within the organization. Analyzing these can help identify strengths and weaknesses, and areas for improvement.

C. Organization: This involves understanding the structure, culture, and resources of the organization. It's important to know how these factors could influence the implementation of the strategy.

D. HR: Human resources are a key part of any organization. Analyzing HR involves understanding the skills, capabilities, and attitudes of the employees. This can help in formulating a strategy that aligns with the capabilities of the workforce.

Therefore, all of the above (A, B, C, and D) are essential for a complete strategy formulation.