PROJECT MANAGER AND BUSINESS ANALYSIS SKILLS
Project management and business analysis skills go hand in hand for several reasons!
Project management and business analysis are two professions that are becoming important for many businesses. To accomplish the project’s objectives, project management focuses on the creation of the project’s “product, service, or result.” Understanding the objectives of business stakeholders and identifying the qualities of the solution to suit those demands is the goal of business analysis. Organizations can achieve greater project performance by combining these two disciplines, both in terms of project deliverables and commercial value development.
For a good deal now, as in the past, the business analyst requires the appropriate instinct. He interacts with the executive team, thinks beyond the box, and seeks out new markets and opportunities. He also engages with stakeholders, elicits requirements, and serves as a customer interface. The jobs of project manager, system analyst, and requirements engineer has a lot of similarity and overlap.
Organizations require more adaptable managers as projects become smaller and the desire to cut project costs grows. The project manager is also critical to the success of the company, especially because project work has become the most popular form of collaboration in many organizations. Although line organizations may specify a structural connection, project work is nevertheless the result of the necessary interdisciplinary collaboration of professionals from several fields and departments in most circumstances.
A project manager is not just the boss, but also the captain, navigator, motivator, and universal communicator for multiple worlds. These worlds can be found not only within a company’s walls, but also among clients, suppliers, and stakeholders.
As a result, both are critical to the company’s success, which brings us to their distinct roles.
PROJECT MANAGER AND BUSINESS ANALYSIS SKILLS FOR BUSINESS SUCCESS
A project manager may oversee the project’s success, while a business analyst oversees requirements analysis and management during phases. Alternatively, the business analyst may specify the business opportunity’s boundary conditions while the project manager oversees project execution. It reduces the amount of time your projects are reworked. According to Carnegie Mellon University, rework accounts for 25 percent to 40 percent of total project expenditures1. And did you know that requirements errors account for 70% to 85% of all project rework costs2? The goal is to work with your stakeholders to identify complete and accurate business requirements early in the project (business analysis), so that the appropriate activities may be done throughout the project lifetime to achieve these needs (project manager). If you can wear both hats, you’ll be able to not only ensure that the project finishes on schedule and within cost, but you’ll also be able to bridge the gap between business and IT requirements, ensuring that everyone is satisfied with the result leading to business success!
So, your project is now operational. You’ve set project requirements, and the project’s stakeholders have signed off on them. Alter management is so reliant on the convergence of project management and business analysis abilities because projects are never that straightforward, and you can almost always expect requirements to change over the project’s lifecycle. Finding a happy medium between competing agendas — meeting deadlines and staying on budget (project manager), or championing for stakeholders and pushing for requirements (business analyst) — is both an art and a science.
Diversifying your skills and abilities in both areas will help you better manage last-minute changes and take optimal decisions.
Enhance Communication IT, the Business Team, and the Project Team are all working together.
Many project practitioners have noted that communication challenges account for approximately 90% of project issues, according to PMI®. This illustrates the critical importance of communication in project success. One of the most difficult tasks faced by project managers is ensuring that their team understands what they are doing, what is expected of them, and what their priorities are. As a result, if project team members are unaware of their responsibilities and how to carry them out, the entire project might devolve into a disaster.
Furthermore, a lack of business analyst expertise could result in a breakdown in communication among project stakeholders (clients, business lines, IT, etc.) as well as a lack of a comprehensive grasp of the project’s requirements.It not only the difficulty of the project get off the ground or progress if this is lacking, but important requirements, changes, and hazards may be overlooked, resulting in the project’s failure.
Organizations have lowered project budgets as the economy has tightened; nonetheless, projects must still be completed, and combining the roles of project manager and business analyst on projects has been one way to save expenses without terminating the project entirely. According to a recent survey conducted by BA TimesTM, a leading authority in the field of business analysis, an equal number of “project professionals” (a term that includes both project managers and business analysts) believe the project manager and business analyst roles will be combined on many projects3. If you lack both skillsets may be left behind it might become increasingly difficult to differentiate yourself globally.
Aside from financial concerns, many firms are reducing their headcount and focusing on smaller initiatives. With both the project manager and the business analyst participating, these projects are frequently not cost-effective, and one individual will typically be allocated to both responsibilities. Based on that SME and large businesses are looking for people who can fill both roles and satisfying these high standards will increase your value in today’s competitive business market. Challenging? Sure, why not? However, you’ll discover that the benefits are enormous – particularly during your next interview!
The CHAOS Summary 2009 report from the Standish Group revealed the highest project failure rate in over a decade. In 2008, 32% of all projects were completed successfully, on schedule, on budget, and with all specified features and functions. Furthermore, 44 percent were challenged (due late, over budget, or with fewer features and functionalities than expected), and 24 percent failed (cancelled prior to completion or delivered and never used).
Project failures are not only costly, but they may also be damaging to the company’s and project team’s reputations. What can we do to avoid failure? According to research, the great majority of this waste may be avoided with better requirements management. Did you know that 60-80 percent of projects fail, according to Meta Group Research?
While project management skills are important, the project can come to a standstill if the business needs aren’t established appropriately from the start. You’ll need good business analysis abilities to correctly develop business requirements so that all stakeholders’ needs are fulfilled and understood early in the process if your projects are successful. To improve your project management and business analysis skills, you can consider skill improvement and certification by taking JK Michaels-PMI Professional Business Analysis training and certification(PMI-PBA)