What are different methods of business analysis?
There are several methods of business analysis, including strengths and weaknesses, opportunities and threats (SWOT); Political, economic, social, technological, legal and environmental analysis; Heptalysis ™; Method 5 whys; and a method of six thinking Hats®. Business analysis is a practice that all businesses must implement for their own success. Such an analysis identifies the needs and problems of business and can also point to the best solution to achieve the goals of the company.
SWOT Analysis is the most popular of all methods of business analysis. For business it is necessary to know its strengths, such as the most powerful ward or activities, as well as its weaknesses - the areas where the company carries out under par. Opportunities and threats both classify competitors on the market to determine where the competition fails, thus creating an opportunity for the company, as well as where Competitor is a success that represents a threat to a strategic planning method. This form of analysis helps business in particularM when placed in the region. It also offers trade solutions to satisfy the needs of the market in terms of price products, modernization of technological infrastructure and the return of the company.
Perhaps the most important method of business analysis is Heptalysis ™ thanks to seven main research areas. These areas consist of market opportunities, products or solutions, financial factors, implementation plans, human capital, potential return on investment and security margin. With this approach, a business analyst may reveal the most important aspects of starting and maintaining business, especially early at the beginning of theFase. This method of analysis is also essential for the development of policy because all the main functions of business are undergoing.
5 Whys method is ideal for finding basic business problems and supporting organizational changes. It is often considered a simple technique because it begins with the statement of the problemIn business, then ask "why" and another "why" then will initially get to the reason. The easy, as it may seem, requires participants to dig deeper and objectively look at the main causes of problems in the organization. In most cases, the root cause discovered by the 5 Whys method is often surprising and very accurate.
Of all methods of business analysis, six Hats® thinking is considered best for brainstorm sessions that can reveal excellent solutions for strategic planning. In this case, different members of the organization are selected and give roles or ways of thinking that Color are coded. These include white for logical or factual thinking, green for creative thinking, black for negative views and yellow for optimistic views. This method works very well for both goods oriented businesses and for determining solutions for production or marketing.
Business Analyst (BA) must be familiar with all these methods of business analysis because not all companies Pthey rack in the same way. The organizational model or structure plays a key role in the analytical method used because some businesses use a strict hierarchy, while others have more level structures. The best method should reveal the strengths and weaknesses of business and represent practical solutions to satisfy its needs.