Business Analysis and Technology Flashcards
Describe the business, analysis and technology triangle.
business drives development of technology and analysis techniques
technology underpins business and supports analysis
analysis informs business decisions and decisions about technology
What four things can business analysis and technology help companies with?
operational excellence
emerging new opportunities
improving decision making
gaining a competitive advantage
What are the six stages of the business analysis timeline for approaching issues?
business strategy and objectives investigating the situation considering perspectives analysing the problem evaluating the options action plan and implementation
What are the responsibilities of business analysts when implementing changes?
identifying tactical options
defining tactics
supporting implementation and operation
redefining tactics after implementation
What are the four steps of the cyclical process of strategy process?
formulate
implement
review
control
Why is strategy process cyclical?
implemented plans aren’t permanent, so need to constantly be evaluanted
What are the three main tools used by business analysts?
SWOT analysis
PESTEL
Porter’s five forces
What are the four aspects which make up a SWOT analysis?
strengths
weaknesses
opportunities
threats
What must a strategy be aligned to in order to be well-conceived?
resource strengths and weaknesses
best market opportunities
external threats
What is horizon scanning?
gathering and interpreting information from the external business environment for significant opportunities or threats to a business
Why is horizon scanning important?
allows companies to see changes in consumer habits, new competition, and relevant emerging technologies and processes
What are the nine possible factors to make up a PESTEL analysis?
political economic socio-cultural technical environmental legal international demographical ethical
Why are the nine PESTEL influences important?
they are key drivers of change, each with differential impacts on industries, markets, and organisations
What are the five considerations of Porter’s five forces?
industry competitors new entrants substitutes buyers suppliers
Under what circumstances is competition good for profit?
low to moderate rivalry
high entry barriers to market
few good substitutes
suppliers and customers in a weak bargaining position
