Business Analysis Tips for Avoiding Failure Rates - Part 2
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Since about 85% of big data projects, analytics, and Artificial Intelligence projects fail, it’s essential that business analysis professionals have tools at their disposal for ensuring project success. Gartner predicted that just 20% of analytic insights will deliver business outcomes through 2022. With the right tools and techniques, business analysis professionals can promote better business outcomes.
3 Business Analysis Tips for Preventing Project Failure
In the blog article Business Analysis Tips for Avoiding Failure Rates - Part 1, we discussed a few ways analysts could ensure successful data analytics projects. Here are three more techniques analysts can use to prevent project failure, derived from IIBA’s A Guide to the Business Analysis Body of Knowledge (BABOK® Guide):
1) Interface Analysis - The BABOK® Guide covers Interface Analysis in figure 10.24. Interface Analysis is a technique that can be used to identify “where, what, why, when, how, and for whom information is exchanged between solution components or across solution boundaries.” This technique helps analysts define who will use the interface, the volume of data, when information will be exchanged, and more. Identifying interfaces early enables business analysis professionals to provide the context for extracting detailed stakeholder requirements.
2) Root Cause Analysis - Root Cause Analysis is another technique discussed in the BABOK® Guide in figure 10.40. This technique can help analysts avoid project failure because it enables them to identify and evaluate the underlying causes of a problem. Root Cause Analysis utilizes Problem Statement Definition, Data Collection, Cause Identification, and Action Identification. “Root cause analysis looks at the main types of causes such as people (human error, lack of training), physical (equipment failure, poor facility), or organizational (faulty process design, poor structure),” per the BABOK® Guide.
3) Acceptance and Evaluation Criteria – To promote project success, utilize Acceptance and Evaluation Criteria, mentioned in figure 10.1 in the BABOK Guide. “Acceptance and evaluation criteria define measures of value attributes to be used for assessing and comparing solutions and alternative designs,” states the BABOK® Guide. “Measurable and testable criteria allow for the objective and consistent assessment of solutions and designs.” The Acceptance and Evaluation Criteria technique can be applied at any level of a project.
BABOK Guide Can Help You Drive the Success of Analytics Projects
Statistics regarding the success of projects related to big data, analytics, and Artificial Intelligence are sobering. With the right techniques, such as those found in the BABOK® Guide, business analysis professionals can reduce failure rates.
BABOK® Guide is the globally recognized standard for the practice of business analysis guiding professionals in their work and adopted by enterprises to achieve better business outcomes.
Find out about licensing, purchase the BABOK® Guide, and peruse the BABOK® Guide glossary here.
About The Author:
Tiffani Iacolino is a Product Marketing Manager at IIBA® and has 15+ years of marketing experience across the legal, technology, telecommunications, publishing, media, and professional services industries. She’s passionate about delivering meaningful products and solutions to the business analysis community, including IIBA’s latest offering the Cybersecurity Analysis Learning and Certification Program. Hailing from the Greater Toronto Area, she enjoys an amazing cup of coffee, running, and yoga -- between chasing her two adorable children!