Udemy|Identify & Define the Problem with Business Analysis|Problem Identify|Part 4|Tools

 

Now that we've taught you a lot of the elicitation techniques that you can utilize to identify the problem, next I wanna talk about the tools that you can use in conjunction with those techniques, or in some cases in replacement of those techniques. 

1. Process analysis and modeling

What process modeling is, is the point of takin a process something that takes steps to complete and put it into a visual format.

Process analysis is the concept of taking that process, analyzing it and validating that every step in there is useful and creates value, as well as making sure that the process is as streamlined as possible.

2.  Pareto chart

The Pareto chart is based on something that's called the Pareto principle or the 8020 principle.

And the concept here is 80% of results come from 20% of efforts, or 80% of problems come from 20% of the reasons.

3. SWOT analysis

SWOT stands for strengths, weaknesses, opportunities and threats. You could do a SWOT analysis on yourself, on your business. You can dig in and start to understand. 

What are your strengths?

What are your weaknesses?

What opportunities do you have?

And who's threatening overall?

Competitors, prices, regulations, etc. By doing that for your organization, you're gonna understand better where your weaknesses are that you could correct but more importantly, what your opportunities are. And maybe that's what you're trying to accomplish with this identify the problem. You're trying to understand where some opportunities that you have in a particular market or particular area, and the SWOT analysis could help to drive that out. As well you could do a SWOT analysis on your, one of your main competitors. Maybe you have a competitor that's beating you in the market.

4. Market analysis

A market analysis, you're not only looking at your competitors but you're looking at the market.

What is the market been doing?

How have price's been going up or down?

What are some of the key areas or components that are changing within the market?

Who's been successful?

Who's not?

And why?

A market analysis is really a deep research project. You're digging into all these elements,

and you're gonna write up a market analysis report to explain where the market's at and where you think the market is going.