Business analysis provides the foundation for project management, and both are necessary for success in business. Business analysts identify trends and propose recommendations, while project managers assemble resources to implement the project. The two roles intersect, but the business analyst focuses on analytical activities to get a comprehensive idea of the project, while the project manager executes it based on identified areas.
The relationship between project management and business analysis is the fact that business analysis provides the foundations that are the foundation for project management. Both go together to achieve a high level of success in business. The ideas identified during the business analysis need to be effectively channeled through project management to work well. The result of a business analysis may look good on paper, but without proper project management, it can result in disappointing practical results. Likewise, a project that is not based on solid business analysis can result in a poorly executed result.
One way project management and business analysis work together is in the kickoff area of a project. Business analysts identify new trends in a specific industry, craft a proposal and make recommendations. Once the proposal is approved by the company’s management, the project manager will assemble the manpower and material resources needed to implement the project. For example, if the project is to build a bridge, the business analyst will build a proposal based on an analysis of items such as the cost of building materials, local building codes, and estimated labor costs.
Analysts will also consider the company’s available financial resources and whether there is a need to obtain a bank loan. Tools such as feasibility studies will be carried out at the proposed bridge site in order to find out if the area is a good place to maintain a bridge. Sometimes the responsibilities inherent in project management and business analysis intersect. For example, the decision to carry out a feasibility study during the business analysis is also something that can be done by the project manager. The project manager can also find out the cost of materials. The difference is that the business analyst does the feasibility study in conjunction with other analytical activities, with the aim of getting a comprehensive idea of what the project involves.
Once the project is underway, there will be even more interaction between project management and business analysis. The project manager will execute the project based on an overall implementation of the identified areas, focused during the business analysis. The business analyst will act as a kind of complement to the project manager, who will need to structure the project according to the benchmarks established by the analyst. This will ensure that the project does not deviate from its stated goals and objectives.
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