Contemporary Issues In Business Analysis Assessment Answer

Key Topics

• Assignment Question
• Assignment Answer
  • Introduction
  • Conducting Analysis By Using Core Knowledge Areas
  • Business Analysis Planning and Monitoring
  • Elicitation and collaboration
  • Requirement lifecycle management
  • Strategy analysis
  • Requirement analysis and design definition
  • Solution evaluation
  • Highlighting competencies
  • Conclusion
  • References

Assignment Question

Prepare a report detailing how you would employ the six BABOK v3 Knowledge areas. You are encouraged to use diagrams and the like to support and illustrate your ideas and
arguments.

Assignment Answer

Introduction

Business analysis is a systematic process of identifying a solution to the problem that incurs in the firm. It is an effective approach as it guides the firm to right direction (Weese and Wagner, 2017). Further, it also assists in meeting tactical goals and objectives of enterprises in an effectual way. This report is based on the case study of Silkies Rose Farm which is going through with several problems on its website. Here, this report will showcase analysis of Silkies Rose Farm website with the help of BABOK core knowledge areas. In addition, this report will also depict about competencies that cited firm will require with an aim to effectively work in the market.

Conducting Analysis By Using Core Knowledge Areas

From the given case, it is examined that cited firm is going through with several types of problems. With an aim to get information about the specific problem, it is very important for a firm that it should conduct an analysis of its business activities. Thus, with an aim to do the same assistance is taken from BABOK Core Knowledge Area. The detail description about all of them is given below:

Business Analysis Planning and Monitoring

It can be considered as the first stage of conducting an analysis of the activities which are carried out in business. It is basically a prior preparation in relation to business analysis. In this stage, manager of Silkies Rose farm will prepare the plan regarding a manner to carry out an analysis of its activities. Here, with an aim to do the same manager of the cited firm can take assistance from SWOT analysis approach (Abrams, 2017). This technique will help in giving detailed information about the strength, weakness, opportunity, and threat of the company. Hence, on the basis of these, all factors Silkies Rose farm can prepare different type of plans. In addition to this, by examining weakening factor of the firm, the manager can perform improvement in its business activities in an effectual manner. In accordance with the given case study, SWOT analysis of Silkies Rose farm is given below:

Elicitation and collaboration

Elicitation is the process of gathering information by using different data collection techniques. After conducting the above analysis, here manager of Silkies Rose farm will collect the information in relation to the examined weakness or problem. 

The process begins with preparation for elicitation. Here, decision about the scope of elicitation is taken. In this regard, it can be said that the scope with regard to given case study could be assessing the views of firm’s customers in relation to its website and products. In the given case study, it is assessed that firm is facing major issues on its website. In the preparation stage, the only manager of the cited firm will take a decision about the techniques which is being used by it in order to gather opinions of its respective buyers (Cachanosky and Salter, 2017). For example, in this manager of Silkies Rose will have to gather different options for collecting data. This could be a questionnaire, interview, discussion analysis and many more. However, after doing preparation in the next phase elicitation activity plan will be prepared. Herein, the manager of the cited firm will have to make a decision about one specific technique which it will use for the purpose to collect data. For example, as per the given case study questionnaire seems to be a most effective tool. Here, with the help of this detailed information in relation to customers expectation from company’s website will be gathered in an effectual way. Finally, elicitation is conducted and responses of cited firm customers will be gathered. For example, from the given case it is assessed that the buyers of firm are expecting that firm’s website should offers advice on rose plantation. Further, it should also offer comparison between two different qualities of roses. However, here also with an aim to prepare questionnaire SWOT analysis approach plays very significant role. Here, with the help of this firm can assess major weakness and thus by framing questions which revolve around the firm’s weakness cited firm manager can take action with regard to the problem (Maniora, 2017).

Requirement lifecycle management

It is the type of life cycle which begin with the requirement or the need of business. However, this process ends when the manager of the firm identifies a solution to the assessed requirement. With regard to the given case study, the main requirement of Silkies Rose farm is to enhance satisfaction level of its buyers by making significant changes in its website. This is a major problem because for any firm it is essential that it should make effort in terms of enhancing satisfaction level of its buyers. This is because, if given thing is not performed then the significant impact of the same will be seen on cited corporation profitability. Furthermore, the given thing will also hamper brand image of enterprises in a negative way. In a similar way, the manager will identify two or three requirements of the business. Here, in the respective phase manager can make use of risk analysis technique. Here, the risk with regard to the specific requirement is assessed (Ciambrone, 2018). For example, the risk of change in the image of the firm is more if the corporation makes changes in its website as per the expectation of its buyers. For example, the main business of Silkies roses is to sell roses to the buyers. However, in case if they start giving advice of planting roses in its website at that time varied image of the company will be formed among those buyers who are newly associated with its. Thus, it is the reason why in the respective phase risk analysis technique is used. Here, after assessing the requirements manager of the cited firm will obtain different solutions to the assessed problem. Here, this cycle ends when the solution will be applied to the examined problem.

Strategy analysis

It is being regarded as another category for conducting a detailed analysis of the business. In the respective section, efforts are made by the manager of Silkies Roses for assessing the ways to examine the major needs of the firm. Here, with an aim to assess the need cited corporation can take assistance from a technique such as conducting a detailed analysis of firm internal department. This can be performed with the help of above-mentioned SWOT analysis technique. Here, it is assessed that the customers of the cited firm are expecting very much from company’s website. It is the reason behind their dissatisfaction also. Here, after assessing need manager of the cited firm will make effort for addressing the same. Here, the firm need of raising the satisfaction level of customers will be addressed if through analysis of their needs and wants will be done by the corporation. It is very important for a firm that it should comply with given type of practices. This is because if not done the direct impact of the same will be seen on sales and profits of enterprises in an effectual way (Wheelen, Hunger, Hoffman and Bamford, 2017).

Requirement analysis and design definition

Here, in the given step manager of the cited firm will make effort in terms of organizing different task with an aim to meet the requirement of the corporation in an effectual manner. Here, the work of organization will be performed in a manner such as making an appointment of IT professionals who can make changes in the website as per the expectation of buyers. In a similar way, the firm will also appoint content writer with an aim to write the new content on the website of the cited company. Thus, here in this way, only the work of organizing will be carried out by enterprises in an effectual way. The given thing will provide benefit to the company in the form of increased profit and sale. Here, after the work of organising manager of the firm will have to examine different other solution for raising the satisfaction level of buyers. For the given purpose, the cited company can use a technique like a survey wherein manager can take views and opinions of its buyers (Ershov and Stepanova, 2017). Here, by making changes in the firm as per their requirement benefit can be gained by the firm in the form of increased profit and sales in an effectual way. In accordance with the given context, for the purpose to enhance satisfaction level of buyers possible solutions could be giving offers with roses and adopting low price tactics etc. This thing will help in attracting a large number of buyers towards the company. Furthermore, it is through this way only Silkies Rose farm can establish it’s unique and distinctive image in the market in an effectual way.

Solution evaluation

It is very important for the firm that it should evaluate the solutions which are being identified by it with an aim to raise the satisfaction level of its buyers in an effectual way. This is because, if it is not performed then the firm cannot get the idea that whether it is going on in the right direction or not. For the evaluation purpose, the best technique is cost and benefits analysis. Herein, at first manager of the firm will prepare a list of all the solutions. For example, solutions could be adding information about rose plantation within the website of the company. In order to apply this solution, the firm will have to incur cost in the form of recruitment of IT person and content writer etc (Abrams, 2017). However, in case if the firm will not incur the desired benefit from the invested cost then the solution which is taken into consideration will be considered as ineffective. Similar, with the help of SWOT analysis, also cited firm can convert its opportunity into possible solutions. Thus, the given thing will provide benefit to the company in an effectual way.

Highlighting competencies

In order to resolve the problem of Silkies Roses which is examined through business analysis, manager of the firm will require a different type of competencies. The firm has major issues on its website. Thus, with an aim to resolve the issue related to websites cited firm manager will have to enhance its competencies in the field of Information Technology. This is because it is with the help of these individuals only company can establish its remarkable presence in the market (Ershov and Stepanova, 2017). The given thing will provide benefit to the corporation in the form of increased profit and sales. In addition to this, manager of the cited firm will also have to enhance its competency in the market research and data analysis approach. This is because; here manager of enterprises will have to assess the views and opinions of its respective buyers. Here, from the given case it is identified that buyers of the firm are demanding that firm should post some rose plantation advice related video on its websites. Thus, in order to get such type of opinions of firm’s customer market research competency is required. In a similar way, with the help of data analysis approach, a corporation can reach on to a specific solution with regard to the problem.

Conclusion

From the above analysis, it can be said that for any corporation irrespective of its type of industry business analysis have a significant role. This is because by conducting such type of analysis manager can get detail pictures of the things which are happening internal and external environment of the company. Thus, by taking timely and proper action with regard to the same firm can make improvement in its profitability condition in an effectual manner.

References

Abrams, R.M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.

Cachanosky, N. and Salter, A.W., 2017. The view from Vienna: An analysis of the renewed interest in the Mises-Hayek theory of the business cycle. The Review of Austrian Economics, 30(2), pp.169-192.

Ciambrone, D.F., 2018. Environmental life cycle analysis. CRC Press.

Ershov, A. and Stepanova, E., 2017. The analysis of innovative educational technologies development in training of customs business specialists in the Eurasian economic community countries.

Maniora, J., 2017. Is integrated reporting really the superior mechanism for the integration of ethics into the core business model? An empirical analysis. Journal of business ethics, 140(4), pp.755-786.

Markley, M.A., Paradkar, A.M., Parisa, V.V. and Pfitzmann, B.M., International Business Machines Corp, 2017. Management infrastructure analysis for cloud migration. U.S. Patent 9,736,013.

Rosca, E., Arnold, M. and Bendul, J.C., 2017. Business models for sustainable innovation–an empirical analysis of frugal products and services. Journal of Cleaner Production, 162, pp.S133-S145.

Weese, S. and Wagner, T., 2017. CBAP/CCBA Certified Business Analysis Study Guide. John Wiley & Sons.

Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. pearson.

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