Business Analysis is a very commonly used term in the business world. It is set of tasks and techniques which are used as a link between stakeholders. The analysis can assist you to better understand the structure and policies of your company. With the process, you can also find new ways to reach important goals.
To conduct Business Analysis aptly, you will have to use different analytical tools. Some of the most common business analysis tools are SWOT and PEST. But the list of tools is quite long. Some of the other tools are:
PEST is an external environmental analysis framework. This business analysis tool is all about understanding how the external factors affect your organization.
PEST is an acronym of the following elements:
SWOT analysis is great a business analysis tool which helps find the external and internal factors. You can find the strengths of the company. You can also identify what the greatest opportunities are. It warns about a possible danger and helps improve certain weaknesses. After careful analysis, you can take decisions easily.
When conducting this business analysis tool, you will focus on the following factors.
Heptalysis is a business analysis tool which you can use to run an elaborate analysis of early stage businesses. It is based on the following categories:
You can use MOST to conduct internal environmental analysis. This business analysis tool ensures that your project is working in line with four attributes. The four factors which you will assess in MOST are:
Another method is the VPEC-T technique. This tool helps to analyze expectations of various parties of a system who have varying views. Not only their responsibilities but also their priorities are different.
de Bono’s Six Thinking Hats
You can use this business analysis tool when conducting brainstorming sessions. Many people call it the Six Thinking Hats. It will help you generate and also analyze different concepts and options.
It is a valuable tool. It instigates specific types of thinking. In addition, this exceptional analytical tool limits the group from thinking in certain ways only.
The six colors or moods you need to learn about are White, Green, Yellow, Black, Red and Blue. White refers to pure and logical facts while Green suggests creative. Yellow means bright, optimistic and positive. Black signifies negative, Red means emotional and blue shows cold and control.
CATWOE is a business analysis tool which helps quick thinking about specific business aims. There are six important elements. CATWOE is an acronym of:
You have to think about the bigger picture. Spend time thinking about the overall effects of the matter. The person who owns the process is the owner. Know about him. Learn what his role in the solution is. You are also expected to ponder about the constraints and boundaries. You should know how each factor impacts the solution.
This effective business analysis tool claims that the analysis has to flow through the current state and requirements from high-level business strategy towards the business solution. It is an acronym for the terms Strategy, Current stage, Requirements, and Solution.
You can use this tool to identify the main cause. This will help you to gain a better understanding of what is happening at a specific time. Your job is to answer ‘whys.’
This is a business analysis tool which focuses on requirements. You can conduct the process by first allocating a priority. You can evaluate it based on the validity of your requirements. MoSCoW consists of the following elements:
Are you interested in learning more about becoming a good, or even better Business Analyst?
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