A sensitivity analysis of bulk water thermodynamics is presented in an effort to understand the relation between qualitative features of molecular potentials and properties that they predict. The analysis is incorporated in molecular dynamics simulations and investigates the sensitivity of the Helmholtz free energy, internal energy, entropy, heat capacity, pressure, thermal pressure coefficient, and static dielectric constant to components of the potential rather than the parameters of a given functional form. The sensitivities of the properties are calculated with respect to the van der Waals repulsive and the attractive parts, plus short- and long-range Coulomb parts of three four site empirical water potentials: TIP4P, Dang-Chang and TTM2R. The polarization sensitivity is calculated for the polarizable Dang-Chang and TTM2R potentials. This new type of analysis allows direct comparisons of the sensitivities for different potentials that use different functional forms. The analysis indicates that all investigated properties are most sensitive to the van der Waals repulsive, the short-range Coulomb and the polarization components of the potentials. When polarization is included in the potentials, the magnitude of the sensitivity of the Helmholtz free energy, internal energy, and entropy with respect to this part of the potential is comparable in magnitude to the other electrostatic components. In addition similarities in trends of observed sensitivities for nonpolarizable and polarizable potentials lead to the conclusion that the complexity of the model is not of critical importance for the calculation of these thermodynamic properties for bulk water. The van der Waals attractive and the long-range Coulomb sensitivities are relatively small for the entropy, heat capacity, thermal pressure coefficient and the static dielectric constant, while small changes in any of the potential contributions will significantly affect the pressure. The analysis suggests a procedure for modification of the potentials to improve predictions of thermodynamic properties and we demonstrate this general approach for modifying potentials for one of the potentials.