Which factor does not have a direct role in the creation of cash flow projections?

The creation of cash flow projections primarily involves quantifiable financial data and metrics that can directly influence future cash flows. Historical performance metrics provide a foundation for predicting future performance based on past results. Interest rates are critical as they affect the cost of borrowing and the discount rate used in cash flows, impacting the present value of future cash flows.

Qualitative factors, while not easily quantifiable, can reflect the company's operational environment and potential growth opportunities, indirectly influencing cash flow projections. However, regulatory compliance, though important for ensuring that a company operates within legal boundaries, does not directly contribute to the cash flow projections themselves. It mainly serves as a framework within which the company must operate but does not directly affect the cash flow figures used in financial forecasting.