Implementing the best possible business strategy depends on implementing the best solution possible. Without proper skills and training in business analysis – choosing the best strategy could be guess work. Business analysis, much like its focus, is an ever-evolving field yet there are certain tools everyone investigating their business procedures and programs need.
Quantifying your businesses current state of affairs- presenting a visual on how your company is being able to perform is important. This creates a base rate for the future- allowing you to show tangible evidence on how far the projects and business has come. Visual representatives such as Pareto Charts and Control Charts are tools used to determine whether or not a manufacturing or business process is in a state of statistical control.
Root Cause Analysis is another important business analysis tool – discovering the cause and effect relationships with problems within a project and business.
Root Cause Analysis tools include:
- 5 whys
- Five Ws
- Brainstorming, mind-mapping and associated software
- Fishbone diagrams
- Six thinking hats
Another important aspect of business analysis are mapping techniques- which are used to define exactly what a business does. Measuring apparatus such as context and data flow diagrams visually represent your businesses objectives.
These and many other tools can help you extract and exactly the right kind of information analyse it to develop the best work practices for your community.
PM Partners offers project delivery services as well as a range of courses to help develop your business analysis tool kit.