Business Analysis Tools

This page contains explanations of main business analysis tools and templates. You will see here definitions of MoM (Minutes of Meeting), RACI Matrix, Risk analysis, Checklists, Communication plan and Chance request procedure.

Business Analysis Tools and Templates. MOM, RACI Matrix, Risk analysis.

RACI Matrix Definition

RACI Matrix is one of the main business analysis tools that will allow the Business Analysts to describe the roles and responsibilities of individuals (or organizational units) when completing tasks in a different projects

R – Responsible – The person who is assigned to do the work
A – Accountable – The person who makes the final decision and has the ownership.
C – Consulted – The person who must be consulted before a decision or action is made.
I – Informed – The person who must be informed that a decision or action has been made.

A great list of free RACI Matrix Business Analysis Templates you can see on the Six Sigma Tutorial.

Risk Analysis Definition

One of the basic business analysis tools. A risk describes an uncertain event that may have an effect on the ability of the business analyst, project team, or organization to achieve an objective. Risks by their nature can be positive or negative. Risk analysis involves understanding the risk tolerance levels of the organization, assessing risks, and identifying responses.

  • Risk tolerance – defines if an organization is ready to accept new risks.
  • Risk assessing – defines the probability that the risk will occur and the impact if it does occur.
  • Risk Response – defines how the organization will deal with a risk.

-Acceptance – No effort to deal with the risk is made. The organization accepts the possibility that the risk will occur.
-Transfer – The responsibility for dealing with the risk and the possible effects of the risk are moved over to a third party
-Avoidance – The organization takes measures to ensure that the risk cannot occur.
-Mitigation – The organization takes steps to reduce the probability of the risk occurring or the possible negative consequences of the risk occurring.

A great list of free Risk Analysis forms and Business Analysis Templates you can see on the http://www.safetyrisk.net

Checklists Definition

Checklist is one of the greatest business analysis tools too. A checklist is a type of informational job aid used to reduce failure by compensating for potential limits of human memory and attention.

Business analyst often use checklist in order to improve their performance and to decrease the chance of failure to occur.

Main features of Checklists are:

  • Ensure TRP or PM is assigned
  • Adapt DBA template to current project
  • Plan conduct meetings with business
  • Involve architect (if needed)
  • Involve development team(s)
  • Involve testing team
  • Prepare communications plan – what, when, how, to whom, in what form and with what frequency should be communicated
  • Ensure functional requirements are delivered to you by power users
  • Ensure monitoring and reporting requirements are gathered (if needed)
  • Obtain consent from business on requirements
  • Validate and verify requirements with developers
  • Finalize DBA document
  • Send requirements for review from business and the rest of the development teams
  • Obtain approval from business
  • Communicate final document and schedule to the other development teams and business
  • Identify requirements that can be reused
  • Upload finalized version of the document in repository – MOSS
  • Upload reusable/applicable requirements/assets in wiki database
  • Notify colleagues to share knowledge

MoM – minutes of meeting definition

MoM are some of the basic business analysis tools. Minutes of meeting are the official written record of a meeting. It is a good practice, the Business analyst to create MoM after each meeting.

Main features of MoM are:

  • Meeting Topic
  • Date
  • Duration
  • Location
  • Written by
  • Agenda
  • Time
  • Decisions
  • Action Items
  • Open issues
  • Participants

There are many free MOM (minutes of meeting business analysis) templates on the internet.

Communication plan and Chance request procedure

A good practice for each Business analyst is to define Communication plan and Chance request procedure in the beginning of the project. These business analysis tools have an important role for the analysis process.

Main features of Communication plans are defining ccommunication procedures between the subscribers, defining Single point of contact, defining frequency and details of communication and the type of communication – mail, phone, Skype, etc.
Main features of Chance request procedure are defining plan for change management, stakeholders allowed to request changes, subscribers allowed to approve changes, change management procedure, etc.

Learning and using these business analysis tools is essential for every good business analyst.

See also what is business analysis and business analyst.