Different models have been proposed so far to represent the dynamic characteristics of batteries. These models contain a number of parameters and each of them represents an internal characteristic of the battery. Since the battery is an entity that works based on many electrochemical reactions, the battery parameters are subject to change due to different conditions of state of charge (SOC), C-rate, temperature and ageing. Referring to our previous work on online identification of the battery parameters, the change in the parameters even during one charging cycle is an experimental fact at least for many lithium-ion batteries. In this paper, the terminal voltage is used as the output to investigate the effect of changes in the parameters on the battery model. Therefore, we analyze the sensitivity of the model to the parameters and validate the analysis by comparing it with the simulation results. Since the output of the model is one of the main components in estimation of the state of charge (SOC), the sensitivity analysis determines the need to update each of the battery parameters in the SOC estimation structure.