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Business analysis key terms and concepts welcome everyone in this presentation we will cover what are the key terms and concepts the business analysts should be familiar with one of the challenges in business analysis work is that the business analyst has to adapt quickly to the environment he or she works in it applies to organizational terminology each organization has its own terminology the BA has to learn it and apply it consistently with the business analysis terms as well he or she should be precise in terms of phrasing and understand how the other parties mean what they say and how the terms are used let's go through the key BA terms stakeholder a stakeholder can be an individual or an organization that is affected by the project or should contribute to it the business analyst should put significant effort to understand the stakeholders very well the business analyst serves as a communication channel between the stakeholders he or she should communicate effectively to each stakeholder and should tailor the communication technique to the stakeholders needs each stakeholder plays a role in the project some examples are listed here like project manager project sponsor vendors and IT developers a separate presentation is available on our page introducing stakeholder roles now let's see what a requirement is requirement as all terms used in business analysis requirement is also used and consistently a requirement can be a condition a capability or a function that the stakeholder needs or requires to solve a certain problem in the project a requirement can be for example each laptop should have MS Word installed or the system should have a drill-down function requirements play a key role in the business analysis work there are separate presentations available on our page relating to requirements our next term is project it is an effort to deliver a solution to a company or organizations specific problem it is a value-added service from a BAS point of view within a limited time frame a project has a dedicated project team who work together till the project's objective are met and the solution is delivered not all work delivered by the BAS are called projects there can also be ongoing work or smaller interactions with the customer in the preparation phase or during small IT developments product is the end result of the project the desired product or its description can be usually found in the project Charter the term product is used for system changes in software development not all projects deliver products as end results the term product is not used for process or organizational changes or redesigns a product can be for example a new function in the system delivered by the development team or introducing a new cost controlling system solution is also a key term on the list it is the end result of the project however a broader term than product solution is not limited to software or system development the solution delivered by the project team...
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