The next step after understanding a business requirement for a data analysis report is to determine the data necessary for the analysis. This step involves identifying the data sources, variables, metrics, and dimensions that are relevant and sufficient to answer the business question or problem. This step also involves assessing the availability, quality, and accessibility of the data, and planning how to collect, clean, and prepare the data for analysis. The other options are not the next steps after understanding a business requirement, but rather subsequent steps in the data analysis process. Rephrasing the business requirement is a step that can help clarify and refine the business question or problem before determining the data necessary for the analysis. Building a mock dashboard/presentation layout is a step that can help design and visualize the report before performing the data analysis. Performing exploratory data analysis is a step that can help explore and summarize the data before drawing conclusions and recommendations from the data. Reference: Data Analysis Process - DataCamp