Business Analysis is the discipline of understanding the requirements inside a business and to establish the apposite solution for the same. The solution can involve strategic changes in the organization and its policies. A business analyst is spoilt for choices when it comes to selecting the various techniques in their armoury. The techniques used have a dependency on the nature of the problem and its scope but the most common ones which serve an array of problems are listed below:
It is an internal analysis technique which involves four attributes defined by the analyst to track the progress of a project. The attributes are Mission of the project, Objectives, Strategies and Tactics.
It is an external analysis technique designed to scrutinize the external elements which influence a business or its operations. The six major traits of this technique are: Political, Economic, Sociological, Technological, Legal and Environmental.
This technique encourages critical thinking about the business. It involves six traits viz. Customers, Actors, Transformation Process, World View, Owner and Environmental Constraints.
This technique deals with both the internal and external factors having an effect on business. The major traits are Strengths, Weaknesses, Opportunities and Threats.
The Five Whys
This technique helps in reaching out to the root cause of all problems within the business.
In today’s world of cut throat competition, a successful business is impossible without understanding the customers. Consumer preferences are changing frequently and the business should have a clear idea of the expectations. Effective Project Management involves User Involvement, Executive Manager Support and Clear understanding of the requirements. The role of a business analyst is to provide an edge over the peers of the organization. A successful project involves modelling, systemic thinking, innovating, communicating and other analytical skills. Business analysis and Project management act as the two most important pillars of any organization.