Business Analysis is the set of tasks, knowledge, and techniques required to identify business needs and determine solutions to business problems. Solutions often include a systems development component, but may also consist of process improvement or organizational change. Business analysis as a discipline has a heavy overlap with requirements analysis.
Importance of Requirement Analysis
By investing only 10% more effort in requirements before freezing them, large, complex projects experienced significantly lower cost overruns — 30% to 130% overruns fell to 10% to 20% overruns (NASA Comptroller Office, reported in Hooks and Farry, 2001).
Getting requirements right, early in your project, can save you one-third or more of your overall project budget. (Hooks and Farry, 2001)
You save money by getting requirements right to begin with. Why? Because fixing requirements errors accounts for 70% to 80% of your rework costs (Leffingwell, 1997).
If you cannot invest in getting the requirements done right the first time, how are you going to afford the cost and time that would be required to fix it?
Let us perform business analysis or requirement analysis services for your next project. You will see the difference.