Posted: February 1st, 2023
Roles and Responsibilities of Business Analyst
The business analysts must conduct many market analyses, analyzing the product line and profitability of the business.
A business analyst job includes the following-
Business analysts create a detailed business analysis outlining the problems, opportunities, and solutions to the business.
The analyst focuses on budgeting and forecasting.
The analystâ€™s work is planning and monitoring the processes.
Business analysts do financial modeling and variance analysis
Also, it performs some financial and operating modeling, and a business analyst needs to focus and develop new models that help business decisions. The analyst should recognize and streamline, and improve internal and external reporting.
Business Analysis Techniques
The business analysis techniques that are very crucial for the enterprise are as follows-
MOST – Here, MOST means Mission, Objectives, Strategies, and Tactics. This analysis helps analyze the organizationâ€™s internal environment to improve internal processes and company culture. It gives strength to the business with a new sense of capability and purpose.
SWOT – Here, SWOT means Strengths, Weaknesses, Opportunities, and Threats. This technique provide a big picture and gives an idea about the strength and weaknesses of the organization. SWOT can reduce the chances of failure by understanding what the organization lacks and what they need to eliminate hazards.
MoSCoW – It is Most or Should, Could, or Would process. This technique evaluates every individual requirement relative to the other by allowing the requirementâ€™s priorities with a good framework.
CATWOE – The full form of CATWOE is Customer, Actor, Transformation, Worldview, Owner, and Environment. It helps the analyst to think about the decisions that he/she may want to make ahead of time. If the decision that took the analyst wrong may be dangerous for the organization, and there is a chance to lose more customers.
The 5 Whys – The 5 Whys is a technique that came from Six Sigma. This technique asks many leading questions that allow the business analyst to determine the root cause of an issue and asks them why such type of situation arises.
Six Thinking Hats – Edward de Bono is the person who introduced this technique as a sideway thinking approach. Following are the categories of Six Thinking Hats:-
Green (creative thinking)
Blue hat talks about a big-picture overview
The white hat gives logical and data-driven thinking to the business analyst
The yellow hat is for positive thinking, which mainly focused on the pros
The Red hat is for emotion-based reactions
Black (opposing thinking, which is its cons)
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