An insight into Business Analysis

These days, project managers not only have to deal with picky customers, they also experience some catastrophic failures that are likely to occur in their project. With some misguiding advice, little misunderstanding between coworkers, or even a minor mistake, those outcomes are foreseeable. The point is, these problems, including customer rejection, requirement creep, and black swan could be avoided thanks to the project manager’s knowledge of business analysis. This article will provide the reader with more understanding of business analysis, its role and ways to elicit stakeholder’s requirements.

WHAT IS BUSINESS ANALYSIS?

- Any research, survey or study to find out customer’s demand or acquiring possible solutions to certain problems that occurred while working could be considered as business analysis. Also, mastering business analysis is part of ways to earn 60PDUs.

WHY IS BUSINESS ANALYSIS IMPORTANT? 

- Business analysis ensures that your project goes smoothly and remain successful. It could also be regarded as a bridge, which can help to channel the team through difficulties and keep the project on the right track. Also, mastering business analysis could help you earn part of the 60PUDs.

WHAT ARE SOME TECHNIQUES FOR BUSINESS ANALYSIS? 

- One of the most popular ways of analyzing your business is to use SWOT. SWOT stands for Strength, Weakness, Opportunities, and Threats. This easy technique could be applied easily and used at any stage of your business. Going through these four elements carefully could help a project manager in understanding his team and his work. 

- Another way to analyze your business is to rely on the MOST framework, with M for mission, O for objective, S for strategies and T for tactics. Most provide a clear way to understand an organization’s ability and what it should do to achieve the goal, ensuring the focus on the project’s mission.

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