What is the Market Analysis portion of the business plan?

Process models, customer journey maps and enterprise architecture models. In this guide, we will explore a business case’s key concepts and components, provide tips for writing and presenting a business case, and offer examples and templates to help you create your own. The APR rate for such a loancan be calculated by first computing the payment which retires theloan, plus the points added. What’s holding your business or project back. This information is a guide only. Expert in software and mobile development including agile development and digital services with a strong capacity to drive innovation, productivity, efficiency, improvement, growth and high performance. BPA is a vital subset of business process management BPM, a larger framework designed for managing processes in the organization. For a moment I thought I was going to cry and I guess I almost did. The BA’s life revolves around defining requirements and prioritizing requirements and getting feedback and approval on requirements,” says Jeffrey Hammond, vice president and principal analyst at Forrester Research. “Data Analyst Salaries, alaries/data analyst salary SRCH KO0,12. Similarly, Esri Maps for Office, a feature of ArcGIS Online, delivers complete location analytics capabilities to Microsoft Office users. Get started with Kissflow Process today and see how you can measure business efficiency. Responding to change over following a plan: Agile methodology values the ability to respond to change and adapt to evolving requirements over sticking to a rigid plan. But that doesn’t mean that it makes sense to get ourselves knee deep into the detailed requirements right away. Nowadays, free shipping is a major perk that can attract consumers to choose one brand over another. A metric is a quantifiable level of an indicator to measure progress. While it’s not the most technical out there, it has a decent amount of features to suit your business needs. In short, how will this project contribute to your overall business objective. This is one of my specialties and a key reason for my success. International Institute of Business Analysis https://businesstransitionsimplified.com/ IIBA. All the Business analysis tools mentioned above have proven to be handy to BAs. Suppliers have been unreliable. The objectives of the market analysis section of a business plan are to show to investors that. Only basic awareness, planning, and implementation required to meet these challenges. Contact us and see how our consulting services can help you achieve your business goals. In less than 60 seconds, I can see easyJet’s complete online presence; its marketing and social channels, and a snapshot of every metric that matters, like referrals, organic and paid ads, keywords, and more. AgilePM® is a registered trademark of Dynamic Systems Development Method Ltd.

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Is your company developing an innovative new idea that will open up new markets or demographics. Examples of some tasks required for the delivery of the Business Requirements Deliverable could be: Perform a Requirements Gathering Workshop, Document Business Requirements, Review Business Requirements. This isn’t a task that can be delegated to others. The BABOK is short for business analysis body of knowledge. These are different terms for similar roles. 5G is transforming the telecommunications industry. One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. For assistance, including with group discount bookings and payment options, please contact us. IT Services Programmes and Projects. A strategic planning and management tool to measure org. Tip: Your research from the previous steps in the competitive analysis will help you answer these questions and fill in your SWOT analysis. Business Analyst – Roles, Responsibilities. As you analyze your business through different lenses, you can find the solutions that will offer the greatest benefits. For McDonald’s, replacement competitors could be any solution that consumers turn to when they’re hungry, including products such as frozen meals. Weaknesses: These can be categorized as factors that act as barriers to an organization when it comes to reaching its optimum level. A customer profile is a simple tool that can help business better understand current and potential customers, so they can increase sales and grow their business. For example, let’s say that you are planning to change your product line so you can focus more on sustainability. You can stretch it as far as you want, depending on the scope of the analysis. The higher demand for Business Analysts means security, marketability, and excellent financial gain. There is no difference in the level of interaction – in fact distractions are significantly reduced because of this way of teaching. The benefits and limitations section describes the financial and non financial benefits in turn. Obvious natural priorities. To experience first hand the American culture, something I was always curious about. QuickBooks® is a registered trademark of Intuit®, Inc. We hope this guide will help you conduct a successful BIA.

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Industry Analysis

For example, Samsung offers a range of products such as computers, laptops, TVs, printers, fridges, cookers, etc. I used data to drive their decision making. A business analyst is an individual who is well capable of understanding the business process i. For example, if your business is investing a lot into customer support, we recommend tracking your customer service performance with this Helpscout Mailbox Dashboard which will give you insights into conversations, your team’s productivity, customer happiness score, and more. The more data you collect and possess, the stronger your firm will be. Get interviewed by our 500+ hiring partners. Our template can help you develop your SWOT analysis. That’s where a risk assessment comes into play, locked and loaded. A SWOT analysis guides you to identify your organization’s strengths and weaknesses S W, as well as broader opportunities and threats O T. Start your free trial, then enjoy a month of Shopify for $1 when you sign up for a monthly Basic or Starter plan. Updated on: Apr 03, 2023. If an industry is profitable and only has few barriers to enter, new companies can easily establish themselves posing a threat to you. Hence, this was all about the business analytical tools. Annual market growth is expected to exceed six percent through 2002, exceeding our current annual sales growth.

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What is a competitive analysis?

It’s important to note that your end goals and market position will affect the specific comparisons you want to make. Did they have a budget. In addition to the usual office productivity and conferencing tools, the next most important tool is what you will use for modelling. When writing the initial business case, the option appraisal is likely to contain a long list of options and will cover many possibilities. What factors influence the need for your product or service. Thank you for reading CFI’s guide to SWOT Analysis. Look at where your competitors are located and the regions they service. Indian subsidiaries in the Indian business landscape: Impacts for foreign companies Introduction The Indian market has emerged as an appealing destination for foreign companies seeking growth and expansion opportunities. 50 or SB/ACTG 5220 3. The LOMA Certifications are as below: FLMI Level I: Insurance Fundamentals: Get this need to know information about insurance products and operations to help you quickly gain confidence and accelerate your success. Please provide the consent below. Holding the fort down for any business as a business analyst requires you to orchestrate specific transactions and agreements to keep the business running. Specialties: IT Governance, IT Assurance, Information Security, Enterprise Risk Management and IT Management. Module 8: User Interface Prototyping. The usage, clarity, and relevance of a BRD is enhanced by a clearly defined structure. Each of them has gone through a rigorous selection process which includes profile screening, technical evaluation, and a training demo before they are certified to train for us. Below, we have a few examples of potential sources that collect the type of information you will need. In general, business analytics aims mostly at data and statistical analysis. MOST is a strong framework for business analysis, and it’s regarded as one of the greatest modeling techniques business analysis uses for figuring out what an organization can do and why. It is a broader practice that includes business analytics. In this blog, we will discuss one such method that is very beneficial for businesses – Business Analysis. Your experience on this site will be improved by allowing cookies. 2 The Boston Global Mass Challenge in 2014. “Question Marks” operate in growth markets, but only have a low market share. That way, you’ll keep it simple and easy to understand. If you want to look at more specific elements of your competitors’ approaches, you might consider adding sections like these to your competitive analysis. Whether you want to study for a regulated qualification, or take a Business analysis course which provides CPD points/hours or qualifications, there are a number of learning options available. The market for personal computers includes homes, schools, businesses, and government organizations.

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The external environment the situation outside the company or organisation. Copying the competition without really considering your own place in the market rarely, if ever, leads to success. To keep learning and advancing your career, the following CFI resources will be helpful. If you are a current working professional, the program can open up managerial opportunities such as product manager for information and corporate level positions including chief data officer, analytics officer or information officer. Basically, a business analyst bridges the gap between what the stakeholders need and what the company has in store for the stakeholder as service. In fact, many of the tools listed here were actually crucial to me becoming a successful Business Analyst. “My business analyst experience has been extremely helpful,” she says, “because I have learned to ask the telling question. These help them understand organization’s structure, policies, and operations. Business Analysis Results Drive Your. This training course includes. Because only that can help you find the right solutions. Develop Problem / Vision Statement. It is a roadmap of how your business will operate to succeed. Bad location is one of the 6 major causes of business failure the others being lack of market knowledge, flawed business plan, lack of cash flow, over expansion, and market changes. The matrix comprises four separate squares that create one larger square. They use this information to inform various strategies and decisions within their business, and can be found on various teams across industries. Opportunity to capitalize on a new technology in a new BM or take a technology already tested to a new market;. Business analysis is a structured process your organization uses to determine and evaluate the potential impacts of an interruption to critical business operations, due to disasters, accidents, or emergencies. Because business analysts typically act as a liaison between the business and technology functions of a company, the role can be often successful either aligned to a line of business, within IT, or sometimes both. And whether you’re just starting a new business or reviewing an existing business, you should renew your market analysis at least every year. Essentially, they want to define the right application. This article is a mere introduction to the theme. Funding may be available for those receiving unemployment benefits. Or they may be more quantitative like best in class margins, above average inventory turnover, category leading return on equity, etc. QA is used by governments, businesses, and even independent investors.

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The external analysis includes a study on Threats and opportunities. Porter developed another model for analyzing the industry in his classic book Competitive Strategy: Techniques for Analyzing Industries and Competitors 1980. Level up your ecommerce knowledge with future focused content from our virtual Make it Big conference. There are also plenty of opportunities for Apple to create new products. So, if you want to automate your process analysis without data hassle, sign up for a free trial today. HOW MANY DELEGATES NEED TRAINING. Rather than figuring out and managing the broader organisational strategy, as might be the role of a CEO, a business analyst instead typically focuses closely on a specific project or challenge. Since SWOT analysis helps an organization determine the areas that perform well, the areas they pinpoint are considered to be the fundamental success factors that will give your business the competitive advantage that it deserves. Related: Goals Based Reporting: Everything You Need to Know. Threats are often external factors that can’t be controlled, so it’s best to monitor the threats outlined in your SWOT analysis to be aware of their impacts on your business. Study the information you’ve gathered about each of your competitors and ask yourself this question: How are you going to compete with that company. The exam consists of. Monitor progress, capture value, and make changes. Staying on top of your workloads with time tracking Read chevron right. Process dependency models. Analyzing a profit portfolio is de rigueur for the successful operation of a company. Key points to advance your Business Analysis career.

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If you’ve been assigned a new project and want to shine as a business analyst, there are various tools and techniques that you need to consider. The template has a minimalist design and a simplistic layout. Tallyfy » Workflows and BPM » Business Process Analysis: Definition, Techniques, and Examples. While it is important to pay attention to your most relevant competitors, businesses can be at risk by only focusing on what they believe are their category competitors. The structure may vary but a basic business requirement document BRD will include the following sections and components. CAPM is a registered mark of the Project Management Institute, InRead More. Our mission is to help you take your team, your business and your career to the next level. That’s when templates are handy. Research is not only valuable for informing you as a business owner but in convincing investors and lenders that your idea is worth funding. Business analysts can identify issues in virtually any part of an organization, including IT processes, organizational structures, or staff development. A SWOT analysis is an invaluable tool for evaluation and is particularly useful for small businesses or businesses in times of change. The IIBA CBDA certification is awarded to professionals with a minimum of two to 3 years of experience in business analysis who have taken and passed an exam. There is no such thing as a “one size fits all” technique because every business or organization is different. Requirements Engineering is the activity performed to discover, manipulate, transform, analyse, and report requirements to do an overall successful project. Modelling Business Processes will equip you with the skills you need to identify, model and improve business processes in your organisation. Undertaking a set of review questions at the end of each session will ensure full understanding of the material covered. Such industries are most affected by recessions and economic adversity. In like vein, the company slashed the price of the iPhone by 33% in early September, two months after its launch. In the example above, all three threats are particularly challenging. © Copyright Guru99 2023 Privacy Policy Affiliate Disclaimer ToS. The focus of a Business Systems Analyst is on business systems requirements – the requirements that specify how a business system supports/enables work activities in a business process and the user roles performing the work activities in a business process or in a decision making role. The business analyst in this approach often reports to the project manager. For example, rather than looking to understand a beer brand’s market share, think of the competition as ‘share of throat.

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Geographic expansion can also augment a product portfolio, with products varying in popularity among cities or countries. Start your learning with us, watch our YouTube video on. In this program, you’ll gain a thorough foundation in business analysis to use in your career while preparing you for the examinations to earn the Certified Business Analysis Professional CBAP or Certification of Competency in Business Analysis CCBA designations. Even amid a busy schedule, though, it’s worth taking the time to do a competitor analysis. For a service, list prospectivebuyers, where the service is available, price, website, toll freephone number, and other features that are relevant. Step 1: Decide the duration of your roadmap and who you are designing it for. Since you’re reading this, you are one of us. Your key responsibilities in this step include. For example, running shoes and high end women’s dress shoes are in different groups. Apple isn’t the only innovative tech company out there, and it continues to face tough competition from Samsung, Google, and other major forces. Next, let’s dive into how you can conduct a competitive analysis for your own company. In effect what points required to close a loan means that the actual loan amount available to the borrow is reduced by the closing fee, in this case $640 so that the actual loan is $7,460 rather than $8,000. Analyze your competitors’ customer reviews, both positive reviews and negative ones. For additional information, please contact AC Online at or 613 727 4723 ext. The operational programme was used to merge the CWS milling and baking operations with those of J W French Ltd. Remember that a SWOT analysis is not the be all and end all of business planning. Auditing experts Shinesa Cambric and Michael Ratemo talk. Primo continued to sell its old, lower end product at a discount.

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Every business’ opportunities will differ, but it’s vital that you create a clearly defined roadmap for capitalizing upon the opportunities you’ve identified, whether they be internal or external. Focus groups to solicit feedback from people representing a cross section of potential customers. If you have already taken the Product Owner course, then this could but would only be appropriate as a refresher. The actions of a business process analyst need to be well thought and evidence based. Organizations use predictive analytics to reduce risk by determining which customers are likely to fall behind on payments based on historical behavior, optimize marketing campaigns by finding cross selling opportunities, and prevent fraud by searching for trends in criminal behavior. A market analysis for a loan approval would require heavy data and research into market size and growth, share potential, and pricing. If you opt out of these cookies, we can’t get feedback to make Venngage better for you and all our users. We saw how edX had published a page called business analysis, but, when we looked at the “courses” page of the site, we realized that there were no actual business analysis courses there. It can also help individuals plot a career path that maximizes their strengths and alert them to threats that could thwart success. Cut unnecessary costs and focus your entire budget on what really matters, the training. Great videos, really helps. Module 01 – Introduction to SQLModule 02 – Database Normalization and Entity Relationship ModelModule 03 – SQL OperatorsModule 04 – Working with SQL: Join, Tables, and VariablesModule 05 – Deep Dive into SQL FunctionsModule 06 – Working with SubqueriesModule 07 – SQL Views, Functions, and Stored ProceduresModule 08 – Deep Dive into User defined FunctionsModule 09 – SQL Optimization and PerformanceModule 10 – Advanced TopicsModule 11 – Managing Database ConcurrencyModule 12 – Programming Databases Using Transact SQLModule 13 – Microsoft Courses: Study Material. “Home Depot SWOT Analysis and Recommendations. The key to competitive analysis is using it to problem solve and improve your company’s strategic plan. These can include suppliers not delivering, delays in service, etc. UML Training/UML Modelling Course. For example: factors relating to products, pricing, costs, profitability, performance, quality, people, skills, adaptability, brands, services, reputation, processes, infrastructure, etc. They can use heat maps to monitor network traffic and respond accordingly.

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Now you want to get very specific about how and where the buyer researched potential solutions. The best way to identify the right BIA participants is by asking these questions. I found the assignments most valuable as they were patterned after real situations and easily relatable. For more, see our guide on the ECBA. Another handy metaphor in understanding this common mistake is the soldier in the trenches. Mention their strategies and forth coming products. Projects are sourced from a range of industries and sectors based in Manchester and the North West region. Then, look at how you can use that strength to fight the threats you are facing in your company or rather say in the market, you can now use the SWOT analysis to tackle the problems and produce the results needed. You should be able to evidence all of the points in your SWOT template, aka prove that you are good at the thing you said you are good at. Analysis of the business process throws light on the status of the business process and helps identify the areas for improvement. Apple has a balanced product portfolio. Economical factors have a significant impact on how do organizations run their business and how profitable business is. Then, take note of the following quantitative items from each platform. Entrepreneur, Business Planner and Angel Investor. Master’s or doctorate—5 Years. While you can gather a lot of data online, your best information will come from potential customers themselves. But a panelist calculated that, to satisfy their goals, the investors “would need to own the entire company and then some. Enter your e mail address and your password. MS Visio / UML Certification Course. Experience in distribution channels for timepieces.

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Whether you are a business analyst, business enthusiast or are simply trying to understand business related things better, then this course is for you. The need for prompting this transformation can be internal or can be caused by external factors, such as market disruption, political climate, or natural disaster. The AAC is good for three years, and then you need to renew it. In this section, based on everything you’ve learned about your competitor, form your final impression about them. SWOT strengths, weaknesses, opportunities, and threats analysis is a framework used to evaluate a company’s competitive position and to develop strategic planning. First, visit the following sites to see if your competition has an account on these platforms. Write your business plan with ease. Once you have understood the deliverables required, the activities and who needs to be involved it is then possible to identify the dependencies, sequencing and estimation. Either way, without an efficient structure, a disorganized process might cause problems that will negatively affect your bottom line. It will also serve as a study aid for those who wish to undertake the ECBA certificate. Consultants should practice business analysis when they need to understand the current scenario, its limitations, and related causes. The business case document is produced during this stage. In your meetings, consider the problem and possible solutions with the type of thinking dictated by each “hat” and step. It stores the key to guide stakeholders of a project who performs business modeling in an orderly manner. Challenges, solutions, and results: This case study takes readers through a detailed narrative, providing statistics and metrics whenever possible. It is the most common business analysis framework technique.

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You can’t look at the competition and say you’ll do it better. Quantitative analysis research in business is a very important tool at the companies’ disposal because everything depends on data in this digital era. In addition, the stakeholders and their availability for the project are also important concerns for creating the timeline. City National Bank Routing Number Having trouble in tracing your City National Bank Routing Number while sending or receiving wire transfers to or from other States and countries. Here, you want to understand how they first realized they had a problem that needed to be solved without getting into whether or not they knew about your brand yet. It should contain a brief overview of the reasons why the project or business change has come about: the problem, opportunity, or change of circumstances. Do not overlook federal and foreign financing opportunities, as well as tax exemptions. Do you want to receive. Let’s keep our office furniture example and try to estimate the value of the ‘desk’ segment. With your SWOT analysis complete, you’re ready to convert it into a real strategy. “Market analysis is one of the crucial components to help business with all the required information and making wise business decisions,” says an industry expert from Infiniti. For more information on the Admission Criteria and Selection Higher Education Courses Policy visit the Deakin Policy Library. Our Privacy Policy has lots more info on the cookies we use and how to amend your settings, if you fancy taking a look. Here, the candidate is expected to primarily deal with data. Business analysts who work solely on developing software systems may be called IT business analysts, technical business analysts, online business analysts, business systems analysts, or systems analysts. A SWOT analysis is often in the form of a quadrant or matrix, like this SWOT matrix. It is difficult to predict how your company’s product or service will perform in the marketplace without knowing what your competitors are doing. In demand techniques in enterprise architecture, privacy and data management, business process analysis, and risk management GRC are all combined into HOPEX, a comprehensive range of integrated software solutions. Sales and Customer Services were extremely helpful and resolved my issues within minutes. Hence most people on the move buy coffee from chains rather than independent coffee shops. According to Lightcast formerly Emsi Burning Glass, which collects and analyzes millions of job postings from across the country, the following skills popped up most frequently in business analyst job postings over the past 12 months. Choose from a variety of business analysis templates to get a jump on your next project today.

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Alejandro is a freelance writer based in Colorado. Marketers, consultants and freelancers often include SWOT analyses in competitor analysis reports. To stay ahead you will need to continue to understand your customer requirements while keeping up with the latest industry trends. A tool that does the analytics and charting work for you in real time as you enter data will save you hours and possibly days on your reporting analysis. However, if you take the exam on the 3 – 6 months after application approval, and do not pass, you have another 6 months to prepare and sit for it again without having to re apply. They use this information to inform various strategies and decisions within their business, and can be found on various teams across industries. In case if you have been living under a rock Business Analysis Body of Knowledge or BABOK guide is the “collective wisdom and experience of experts” in Business Analysis, it is prepared by the International Institute of Business Analysis — IIBA I’m surprised why they are not on Medium. Queensland Government acknowledges the Traditional Owners of the land and pays respect to Elders past, present and future. Spillover learning, which is external to the company, focusing on acquiring external knowledge to copy already existent practices. What percentage of each market segment can I realistically capture. The purpose is to understand the potential impacts on the organization and develop contingency plans to minimize those impacts. With the rise of online business analytics degrees, it’s hard to find a top offline MSC business analytics degree. Variants/Aliases: Business Process Improvement Patterns/Business Process Engineering BPE. The average salary for a Business Analyst in Boston is $81,410. Strengths in SWOT analysis and Weaknesses in SWOT analysis are analyzed based on the internal elements of the business while Opportunities in SWOT analysis and Threats in SWOT analysis are analyzed based on the external elements of the business.

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The demand for business analysts has increased in recent years and is projected to continue. If that’s correct, then I agree with him. Gather people from different parts of your company and make sure that you have representatives from every department and team. Responding to change over following a plan: Agile methodology values the ability to respond to change and adapt to evolving requirements over sticking to a rigid plan. Activity Diagram: The activity diagram is one of the use case diagrams described in the Unified Modelling Language™ UML®. During this phase of the analysis, you need to prepare the executive summary and the BIA report. Some possible reasons include no nearby competitors, lower prices than competitors, a wider variety of products, offering services not offered elsewhere, or branding and marketing that appeals to the target market. Business acumen: A solid understanding of finance, accounting, and business principles will help you surface what operational issues exist, and how best to address them. Review and analysis of available literature made it clear that oversimplifications of human behaviour result in overcomplicated models. Use the method that makes it easiest for you to organize and understand the results. It is useful to do a SWOT strengths, weaknesses, opportunities and threats to find out more about what your competitors are saying about themselves and what others are saying about them. Strategy focuses on building competitive advantage by defending a unique position or exploiting a valuable and idiosyncratic set of resources. For example, let’s assume your target market consists of 100,000 people. A common mistake made by entrepreneurs is assuming they will simply “do it better” than any competition. Step 2: Use a mind map like the one below to organize and categorize the data you’ve gathered. De Bono’s Six Thinking Hats. The Agile Analysis certification exam, formulated from the Agile Extension to the BABOK® Guide, consists of 85 multiple choice, scenario based questions, and must be completed within 2 hours. However, these marks are not calculated simply by dividing the correct answers by the total number of questions. The business requirements describe what the deliverables are needed, but not how to accomplish them. Underlying competencies, perspectives and techniques. For more streamlined data gathering, check out the analytics tools mentioned below. Some factors to consider when doing a bottom up analysis include. This is a useful management tool that converts textual requirements into easy to understand diagrams. Although you, as the person with the idea, know your idea better than anyone else, often you need business analysis and analytics to look at your idea from a different perspective.

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It is a full time course for a duration of fifteen months. Communication doesn’t refer solely to writing, though distilling technical research into readable terms is important. If their photos are custom, are they sourced from outside graphic professionals or do they appear to be done in house. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. There’s no way to succeed unless you’ve examined your competition. The next edition of the LivePlan Newsletter will be arriving soon. The knowledge area “requirements analysis and design definition” includes classical requirements engineering. The “people” area of business analysis templates is for any changes impacting staff, managers, customers, vendors, or other human beings. Virtual training: You can learn more about our virtual delivery here. Provide knowledge needed to identify business needs and analyze the benefits of various solution options to help limit the choices before work gets underway.

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