Analyst’s corner digest #17
Top stories published in September 2023
Hi there!
Welcome to the September edition of Analyst’s corner digest.
Just three months to go before Christmas and New year — three fourths of the year have passed. But in our corner this is usually the busiest time. We are finishing this year’s projects, heading to the final push before some time off over the holiday season; and as a result we learn a lot and share this knowledge.
In this edition we have:
- A collection of business analysis skills and processes, including business process modelling tips, estimation techniques, requirements development and more
- Software project and product management advice
- Persuasion skills and why the customer is not always right
- A lot of insight into data and AI, including the topics of AI ethics, building data science career, documenting your enterprise architecture and getting value from your data
Enjoy reading.
— yours, Igor
https://www.analystscorner.org/
BA Skills & Processes
1) Turn guesses into estimates with Wideband Delphi
by Karl Wiegers
Most software professionals must provide estimates for their work, but few of us are skillful estimators. Many of us haven’t been trained in estimation techniques. We’re too optimistic, with short memories that mask the painful overruns from previous projects. We don’t incorporate contingency buffers to accommodate unexpected events or risks that materialize. Moreover, we often overlook necessary aspects of an activity. When we eventually encounter those tasks, we either perform them — thereby exceeding our estimates — or skip them, possibly compromising quality in the process.
2) Business process modelling: key elements
by Igor Arkhipov
Modelling a business process often becomes one of the key steps of a business analyst’s job. A process model helps with visualising the problem area or defining the future state. It eases understanding of the subject matter, supports with scoping of solutions, quality assurance, and training. Overall, a good process model makes life easier.
However, with the number of modelling notations and tools on the market, it is sometimes hard to figure out what you need from a process model; especially when every vendor has an opinion.
So it’s important to remember that regardless of the modelling technique that you chose, at their core all process models are concerned with similar key elements. We’ll cover what they are in this article.
3) Conducting Effective Requirements Workshops: Using Joint Application Development (JAD)
by Nelson N. Mondoa
Collaboration is at the heart of successful project management, especially when it comes to eliciting well-defined requirements.
One highly effective approach is the Requirements Workshop, often conducted through Joint Application Development (JAD) sessions.
In this post, we will delve into the world of requirements workshops using JAD, covering what they are, their key components, best practices, and essential roles for a successful outcome.
4) Why requirements elicitation is important
by Nelson N. Mondoa
Requirements elicitation is a critical phase in any project, be it developing a new smartphone, designing a car, or creating any other gadget.
It is the process of gathering and defining the essential needs and expectations that a product or system must meet to deliver value.
We will delve into the importance of requirements elicitation, its key principles, and how it contributes to delivering successful products.
Software projects & product management
1) Six key themes about software requirements
by Karl Wiegers
For more than 35 years I’ve been learning, applying, and teaching about ways that software teams can improve how they develop and manage their product requirements. I’ve observed six requirements-related themes that pertain to every project, regardless of what you’re building or how you’re executing the project. Keep the following themes in mind as you select requirements practices to use on your projects and tailor them to suit each situation.
2) Modern Elicitation for Business Analysts that work in product discovery
by Nuno Santos
If you are working on products, you have realized product management handles requirements in a different way. When a business analyst or a product owner is eliciting requirements, there is a shift from eliciting stakeholders’ wishes to discovering better and faster ways to solve stakeholders’ problems. This article presents how discovery techniques, popular within product management, fit in business analysis areas of elicitation, analysis and validation.
3) How to successfully prevent roadblocks and overcome challenges in a custom software development project as an IT business analyst?
by Attila Evanics
No matter if you are an IT business analyst or a product owner, there will be challenges in any custom software development project. But it is OK, you are an IT professional and you are here to prevent issues or solve them if they are converted into problems. (I consciously use the word ‘prevent’ because there are a lot of problems that would not arise with proper prevention.)
As projects evolve, product owners and IT Business Analysts often deal with issues from unclear requirements to complex, project-related issues.
These roadblocks, if not addressed, can derail a project’s trajectory and undermine its success.
4) The Power of Product Vision & Strategy
by Kavindi Bogahawatte
Have you ever embarked on a journey with absolutely no idea about where you want to go, and no clue how to get there? Think about it. What would that be like?
This is exactly what happens when your product lacks a Product Vision and a Product Strategy.
Soft skills
1) The customer is NOT always right
by Karl Wiegers
Perhaps you’ve patronized a business that had a sign on the wall saying something like: “We have only two rules. Rule #1: The customer is always right. Rule #2: If the customer is wrong, see Rule #1.”
It’s fashionable to say that the customer is always right. But I’ve seen people do some pretty silly things because of this attitude. In reality, the customer is not always right, and we all know it.
2) The art of persuasion: crafting a compelling business case for change
by Nelson N. Mondoa
Driving growth and improving business operations are vital goals for any leader, and as someone in a leadership position within your organization, you recognize their significance.
However, effecting change and gaining buy-in from others can be a formidable challenge, especially when it entails substantial investments of time and resources. Yet, fear not, for success lies in mastering the art of persuasion and crafting a compelling business case that highlights the advantages and costs of the proposed change.
In this blog post, I am excited to share practical tips and proven strategies that will empower you to create a winning business case for change.
Future and AI
1) A Financial Revolution: J.P. Morgan’s Development of a ChatGPT-like AI for Investors
by Nilimesh Halder, PhD
In a world increasingly driven by artificial intelligence (AI), innovative companies continually explore new ways to integrate AI technology into their operations to create more efficient, personalized, and sophisticated services. A prime example is J.P. Morgan, the largest bank in the U.S., reportedly working on a ChatGPT-like AI model designed specifically for investors. This development marks a significant leap in the financial sector, and by extension, the broader application of AI in various industries.
2) AI Ethics: Unraveling the Moral Landscape of Artificial Intelligence
by Nilimesh Halder, PhD
Artificial Intelligence (AI) has profoundly impacted various aspects of our lives and industries, but it has also brought to the fore critical ethical considerations. As we continue to integrate AI into our daily lives, the need for an ethical framework becomes increasingly urgent. This article will delve into AI ethics, its importance, the key ethical issues in AI, strategies for addressing these issues, and the future of ethical considerations in AI development.
3) The Power of Recommendation Engines: An In-Depth Guide to Their Types, Techniques, and Applications
by Nilimesh Halder, PhD
In today’s digital age, consumers are inundated with information and options. To help users navigate this overwhelming landscape, recommendation engines have become increasingly important, offering personalized suggestions based on individual preferences, behavior, and context. These systems have found widespread use in industries like e-commerce, entertainment, and social media, enhancing user experiences and driving customer engagement. In this comprehensive article, we will delve into the types, techniques, and applications of recommendation engines, providing a detailed understanding of these powerful tools.
4) Unlocking Your Dream Data Science Career: Tips and Tricks for Landing the Perfect Job
by Nilimesh Halder, PhD
Data science has emerged as one of the most in-demand and rewarding career paths in today’s job market, offering lucrative opportunities for professionals skilled in data analysis, machine learning, and artificial intelligence. However, breaking into this competitive field and landing your dream data science job can be challenging, especially for those new to the industry. In this comprehensive article, we will share valuable tips and tricks for securing your ideal data science job, guiding you through the process of building a strong foundation, showcasing your skills, and acing the interview.
Data and EA
- How to Document Your Current Enterprise Architecture & Technology, by Shashi Sastry.
One of the holy grails for an Enterprise Architect is a document (including or accompanied by diagrams and spreadsheets) that captures everything in the Information Technology domain of the organisation. This core EA artefact is the current Enterprise Architecture & Technology Document, abbreviated to EATD. - Leveraging Data, Statistics, and Probability in Business Analytics: A Modern Approach for Transforming Information into Actionable Insights, by Nilimesh Halder, PhD.
In the age of information, businesses have access to more data than ever before. Whether it’s customer purchasing patterns, supply chain logistics, marketing campaign effectiveness, or employee performance, companies are inundated with data. This overwhelming abundance of data is where statistics and probability come into play, providing the tools necessary to interpret, analyze, and make use of this wealth of information. - Unlocking the Value of Data: A Comprehensive Guide to Data Profiling, by Nilimesh Halder, PhD.
In the era of data-driven decision-making, understanding and managing the quality of data is crucial. As organizations increasingly rely on data to drive their operations, strategy, and innovation, ensuring data integrity and usability has never been more important. This is where data profiling comes into play. - The Complete Guide to Regression Analysis: Understanding, Implementing, and Optimizing Regression Techniques for Data-Driven Insights, by Nilimesh Halder, PhD.
Regression analysis is a fundamental statistical technique used to model the relationship between a dependent variable and one or more independent variables. It is widely employed in various fields, including data science, analytics, economics, and social sciences, to understand and predict the behavior of variables, evaluate the impact of interventions, and develop data-driven decision-making strategies. - Demystifying Logistic Regression: A Comprehensive Guide to the Basics, Interpretation, and Applications, by Nilimesh Halder, PhD.
Logistic regression is a widely used statistical method for modeling the relationship between a binary response variable and one or more predictor variables. It is particularly useful for classification tasks, where the goal is to predict which of two categories an observation belongs to.
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