The Effectively focused 8 steps to successful business analysis process article, will take you through the step by step approach to delivering business analysis initiatives leading to improve business performance. Did you know that poor business analysis accounts for roughly 37% of project failures? Identifying needs is certainly not a precise science, particularly in software development. A few business analysis process steps, methodologies, and practices can be used to reduce the risk of scope creep and failure in a project. Here are eight easy stages to conducting a thorough business analysis that you may use on your next project.
8 BUSINESS ANALYSIS PROCESS STEPS
Step 1: Assist in the development of the business case.
The first stage, like with every project, is to develop a business case (BC) that approves the project’s goals, budget, scope, and timetable. Business analyst’s (BA) duty at the beginning of a project, is to assist in the creation of the business case, particularly in identifying its objectives and scope. Analysis tools like SWOT (Strenght weakness opportunity and threats), and Financial Valuation techniques like(opportunity cost,benefit cost ration,NPV-Net present value,IRR-Internal rate of return) ,an average rate of return, and payback period are frequently used by BAs. This stage also includes the use of a business analytical tool called cost-benefit analysis, as well as activity-based costing.
Step 2: Find out who your stakeholders are.
Regardless of where the BA is in the project, it is critical that he is aware of the people who make project choices, sign off on papers, and manage project priorities. If the BA was involved in the development of the BC, he may already be familiar with the sponsors. However, if he is given the project after the BC has been authorized, it is vital that he spends time learning about the stakeholders. The best business analysis process practice call for BAs to create a stakeholder register that includes information such as stakeholders’ names, their interest level,influence/impact level,department,who they report to,the responsibilities /roles,
. Furthermore, the BA should be aware of each of these people’s stakeholder management strategies, including whether to manage them tightly, keep them satisfied, keep them informed, or simply watch their interests.
Business Analysis Process Step 3:Create a Business Analysis Plan
Requirements planning and management are critical to ensuring that the BA captures all relevant and valid information and that the development team works on it. Furthermore, defining resources and responsibilities connected with requirements planning and management is a solid business analysis process approach. In this step, the BA will outline actions related to requirements collection in accordance with current organization standards, in collaboration with the Project Manager. The RACI matrix is one of the best business analysis process tools to employ in this step. This is a table that illustrates who is responsible, accountable, consulted, and informed, and it serves as a quick reference guide for the BA to gather and manage requirements effectively. Attending the JK Michaels Institute CBAP– IIBA Certified Business Analysis Professional training will equip you with the details of the business analysis techniques
Step 4: Describe your company’s goals.
The BC’s business objectives must be fleshed out in order to be translated into product-specific needs. Business analysis tools such as current state assessment must be used at this level. The BA will analyze not just the project’s objectives and strategy and vision, but also the actual business process and provide as-is (current) and future (to-be) documentation. Make sure to examine the following elements in this step: infrastructure (i.e. technology), process, competitive arena (i.e. the environment in which the business operates, such as its competitors), data and information (business-related data), business area (i.e. each business unit’s mission), location (i.e. the physical location of the impacted business unit), and strategy (i.e. review of business vision, goals and measures).
Business Analysis Process Step 5: Make a list of possibilities
Identifying potential solutions that could best satisfy the project objectives is one of the top business analysis approaches. The BA assists the development team in learning more about similar techniques in the market and their associated practices and then assesses where their organization is in the competitive landscape. Some of the most useful business analysis process methodologies include high-level work breakdown structure (WBS), prototyping, market research, technology capability evaluation, and business or IT personnel interviews. Some of the business analysis process techniques used include brainstorming, Cause and effect diagram, process modelling/redesign, strategy analysis used to determine the optimal solution.
Step 6: Define the scope of the project
It’s important to identify the particular scope of the solution to be produced once possibilities have been identified and a preferred strategy has been chosen. BAs will employ business analysis techniques, including comprehensive work breakdown structure (WBS), product breakdown structure (PBS), and system interface analysis in the waterfall methodology. The adoption of a context or business domain model is another recommended practice in business analysis. User Stories or feature-based recording of product requirements is used in agile techniques such as Scrum, DSDM, XP, and Kanban.
Business Analysis Process Step 7: Describe the product’s specifications.
Before real development begins, the BA must establish the product’s high-level scope and translate it into product requirements. The BA will combine CARD and 3Cs for agile with business analysis approaches like used cases, storyboards, prototypes, and/or wireframes. All functional and non-functional needs must be thoroughly specified.
Step 8: Assist in the development of the project
Once development begins, the BA must assist the programmers by checking their deliverables regularly to ensure they align with BC’s objectives. The Business analyst creates, validates and manages requirement documentation as needed, based on ongoing feedback from the team and stakeholders. Another excellent business analysis practice is working closely with quality control analysts to ensure that requirements are thoroughly tested. It’s an important best practice that the BA and the project manager manage scope modifications through to final product acceptance.
The BA has a significant impact on whether a project succeeds or fails. There are only eight steps to conducting a successful business case analysis. Though the order of these may differ depending on the company, they are all required to ascertain that no work is left out and the project is completed effectively.
JK Michaels institute also offers other products and courses, including BUSINESS ANALYSIS FUNDAMENTALS TRAINING, Business Analyst in Project Management, ADVANCED PROJECT MGT, and BUSINESS ANALYSIS FUNDAMENTALS. (Opens in a new browser tab)