Business Analysis

The ability to apply sound business analysis techniques to a situation can make you an attractive applicant for jobs in many different companies and industries. In today’s rapidly changing business climate, companies that can identify and adapt to new opportunities may find easier success than companies who are stuck in neutral. Whether you’re looking to change career fields or advance within your current company, acquiring business analysis techniques and credentials can open up a wealth of opportunities.

Our Common Business Analysis Techniques

In order to devise a workable solution to the many challenges businesses may face, there are several important business analysis techniques that professionals employ. These include:

  • MOST (Mission, Objectives, Strategies and Tactics) – Identifying these elements allows business analysts to conduct a thorough internal analysis of what an organization is aiming to accomplish and how to address each issue.
  • PESTLE (Political, Economic, Sociological, Technological, Legal and Environmental) – This model is used by business analysts to evaluate various external factors that may impact their company and determine how to address them.
  • SWOT (Strengths, Weaknesses, Opportunities and Threats) – This business analysis technique is used to identify areas of both strength and weakness within a corporate structure and translate them into opportunities and threats, which can help in determining the proper allocation of resources.
  • MoSCoW (Must or Should, Could or Would) – This process allows for the prioritization of requirements by presenting a framework in which each individual requirement can be evaluated relative to the others. Is it a must-have? Something the project should have? Something that could improve the deliverable? Or something that would be a good future addition?
  • CATWOE (Customers, Actors, Transformation Process, World View, Owner and Environmental Constraints) – This business analysis technique identifies the main parties and processes that may be affected by any action the business undertakes. This makes it possible for business analysts to thoroughly evaluate the impact of any proposed action under consideration.
  • The 5 Whys – A mainstay of  business analysis techniques, this series of leading questions helps business analysts single out the root cause of a problem by asking why a situation exists, then subjecting the answer to another “why?”, and so on.
  • Six Thinking Hats – This process is used to direct a group’s line of thinking during a brainstorming session by considering alternate perspectives and ideas. The ‘six hats’ in this technique are categorized as White (logical, data-driven thinking), Red (emotion-based reactions), Black (adverse thinking, focused on cons), Yellow (positive thinking, focused on pros), Green (creative thinking) and Blue (big-picture overview).