Business Analysis Tips for Avoiding Failure Rates, Part 1
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Failure rates for big data projects, analytics, and Artificial Intelligence loom large at 85%, according to Designing for Analytics. It’s also worth mentioning that 87% of data science projects never even make it into the production stage, per VentureBeat. And let’s not forget that Gartner said, “Through 2022, only 20% of analytic insights will deliver business outcomes.”
These statistics are dismal, and there are many factors that contribute to this failure-rate crisis. There are also many tips analysts can implement to ensure successful projects.
6 Business Analysis Tips for Avoiding Project Failure Rates
IIBA’s A Guide to the Business Analysis Body of Knowledge (BABOK® Guide) provides a wealth of techniques for analysts wishing to reduce failure rates. Here are a few of the tips and techniques for making failed projects a thing of the past:
1) Hold a “Lessons Learned” Session - This involves looking at the successes, opportunities for improvement, failures, and recommendations for improving performance of future projects or project phases. (Technique 10.27 in the BABOK® Guide.)
2) Identify, Analyze, and Evaluate Risks - Technique 10.38 in the BABOK® Guide, Risk Analysis and Management entails evaluating uncertainties that could detract from value. It also requires analysts to develop and manage ways of coping with risks.
3) Brainstorm - Brainstorming, technique 10.5 in the BABOK® Guide, can help to lower failure rates, as well as promote creative thinking and collaboration. “To heighten creativity, participants are encouraged to use new ways of looking at things and freely associate in any direction.”
4) Create Use Cases and Scenarios - By creating Use Cases and Scenarios, you can determine how a person or system will likely interact with a solution being modelled to achieve a goal. (Technique 10.47 in the BABOK® Guide.)
5) Implement Decision Analysis - Decision Analysis, BABOK® Guide technique 10.16, requires analysts to formally assess a problem and possible decisions. The point of this is to ultimately determine the value of various outcomes under conditions of uncertainty.
6) Try Financial Analysis - Financial Analysis is a useful technique for analysts who want to decrease failure rates. BABOK® Guide technique 10.20, Financial Analysis looks like assessing the expected financial viability, stability, and benefit realization of an investment option.
Reduce Failure Rates with the BABOK® Guide
A Guide to the Business Analysis Body of Knowledge (BABOK® Guide) is the standard for the practice of business analysis and is for professionals who perform business analysis tasks. Recognized globally as the standard of business analysis, it guides business professionals within the six core knowledge areas, describing the skills, deliverables, and techniques that business analysis professionals require to achieve better business outcomes.
The BABOK® Guide is now available in seven languages. Purchase the BABOK® Guide to have all the information you need to make projects successful right at your fingertips. Did you know IIBA Members receive a complimentary pdf copy of the BABOK® Guide as part of their membership?
Join today to become a Member of IIBA and start experiencing all the benefits.
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!