What are Business Analysis key concepts?

Business analysis involves understanding business needs and finding solutions. 

Key concepts include requirements analysis, stakeholder engagement, SWOT analysis, and process modeling. 

It aims to improve processes, systems, and outcomes in an organization.

Key concepts in business analysis include:

1. Requirements Analysis: Understanding and documenting the needs of stakeholders to define project scope.

2. Stakeholder Engagement: Involving and communicating with relevant parties to ensure their perspectives are considered.

3. SWOT Analysis: Evaluating an organization’s strengths, weaknesses, opportunities, and threats to make informed decisions.

4. Process Modeling: Visualizing and analyzing business processes to identify areas for improvement.

5. Data Analysis: Examining and interpreting data to inform business decisions and strategies.

6. Risk Analysis: Identifying potential risks and developing strategies to mitigate them.

7. Change Management: Managing the transition from current state to desired future state, ensuring smooth implementation.

8. Feasibility Studies: Assessing the viability of proposed solutions in terms of cost, time, and resources.

9. Decision Analysis: Applying structured techniques to make sound business decisions.

10. Business Case Development: Creating a compelling rationale for a proposed project or solution.

These concepts collectively contribute to effective business analysis, helping organizations achieve their goals and improve overall performance.