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 The BA needs to compare the value and costs of different design options, such as a customized version of the existing software or a fully made to order solution. The potential value is the benefit that the solution will provide to the bank, such as improved efficiency, accuracy, and security. The design options are the alternative ways of meeting the needs and requirements of the bank, such as modifying the existing software or developing a new one. The BA needs to evaluate the trade-offs between the value and costs of each option and recommend the most feasible and desirable one. References:

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Chapter 6: Strategy Analysis, page 217

Business Analysis Body of Knowledge (BABOK ®) Guide, Version 3, Section 6.4: Define Design Options, pages 142-144

Certified Business Analysis Professional™ (CBAP®) | Coursera, Course 3: Strategy Analysis, Week 3: Define Design Options

 A purchase solution approach is one that involves acquiring a COTS software package from an external vendor or provider, rather than developing a custom solution in-house. A purchase solution approach can offer several benefits, such as faster delivery, lower cost, higher quality, and reduced risk. However, a purchase solution approach also has some drawbacks, such as limited customization, dependency on the vendor, compatibility issues, and licensing fees. A BA should evaluate the pros and cons of a purchase solution approach against the business needs and requirements, and compare it with other possible solution approaches, such as outsource, exploit, or create. References:

Evaluating Candidate COTS Packages, ArgonDigital

Seven Insights: Agile and Custom Off The Shelf (COTS) packaged software, Kenny & Company

COTS Software Procurement Methodology, IGI Global

Reviews and workshops are effective techniques for validating and negotiating requirements with stakeholders. They can help the BA to identify and resolve any conflicting or contradictory requirements, as well as to gain consensus and agreement among the stakeholders. Reviews can be done in various forms, such as walkthroughs, inspections, or peer reviews. Workshops can be used to facilitate collaborative discussions, brainstorming, and decision making among the stakeholders. Both techniques can help the BA to safeguard against conflicting requirements by ensuring that the requirements are clear, accurate, complete, and aligned with the business goals and needs123. References:

1: BABOK Guide v3, Chapter 4: Elicitation and Collaboration, Section 4.5: Validate Requirements

2: BABOK Guide v3, Chapter 5: Requirements Life Cycle Management, Section 5.5: Approve Requirements

3: BABOK Guide v3, Chapter 10: Techniques, Section 10.32: Reviews, Section 10.50: Workshops

 The requirement ‘’Ability to view policies created in the legacy system for a period of 6 months’’ is a transition requirement. A transition requirement is a temporary requirement that specifies the capabilities or conditions that the solution must have or meet during the transition from the current state to the future state. Transition requirements are typically related to data conversion, training, migration, or decommissioning. In this case, the requirement is needed to ensure that the policies created in the legacy system are still accessible for a limited time after the system is decommissioned, until the new system is fully operational and stable. References:

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Chapter 2: Business Analysis Key Concepts, Section 2.4: Requirements Classification Schema, p. 66-67

A Guide to the Business Analysis Body of Knowledge® (BABOK® Guide), Version 3, Chapter 2: Business Analysis Key Concepts, Section 2.4: Requirements Classification Schema, p. 34-35

The elicitation technique that the BA should select to enable the customer and the key stakeholders to visualize the final product is prototyping. Prototyping is a technique that involves creating a simplified or partial version of the solution that can demonstrate its features, functions, and appearance. Prototyping can help to elicit, validate, and verify the requirements, as well as to obtain feedback and approval from the stakeholders. Prototyping can also help to reduce the risks, costs, and time of the project by identifying and resolving any issues or gaps before the final implementation of the solution. References:

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Chapter 4: Elicitation and Collaboration, Section 4.2: Conduct Elicitation, p. 167-168

A Guide to the Business Analysis Body of Knowledge® (BABOK® Guide), Version 3, Chapter 4: Elicitation and Collaboration, Section 4.2: Conduct Elicitation, p. 103-104

A Guide to the Business Analysis Body of Knowledge® (BABOK® Guide), Version 3, Chapter 6: Requirements Analysis and Design Definition, Section 6.4: Model Requirements, p. 161-162

A governance approach is a technique that helps to define and establish the roles, responsibilities, authorities, and decision-making processes for the business analysis work. A governance approach identifies the stakeholders who have the power and influence to approve, reject, or modify the requirements or the solution, and the criteria and mechanisms for obtaining their approval. A governance approach can help the BA to identify the stakeholder who can approve access to the database, as it can specify who owns the database, who has the authority to grant or deny access, and what are the steps and procedures to request and obtain access. A solution scope is a technique that helps to define the boundaries and context of the solution. A solution scope identifies the elements that are within the scope, the elements that are out of scope, and the interfaces and interactions between the elements. A solution scope can help the BA to clarify the objectives and requirements of the solution, but it does not identify the stakeholder who can approve access to the database. A requirements architecture is a technique that helps to organize and structure the requirements into a coherent and consistent framework. A requirements architecture defines the relationships, dependencies, and hierarchies among the requirements, and the level of detail and abstraction of each requirement. A requirements architecture can help the BA to manage the complexity and traceability of the requirements, but it does not identify the stakeholder who can approve access to the database. A change strategy is a technique that helps to plan and manage the changes to the requirements or the solution throughout the project lifecycle. A change strategy defines the roles and responsibilities, the criteria and procedures, the tools and techniques, and the documentation and communication for handling the changes. A change strategy can help the BA to ensure that the changes are properly identified, analyzed, approved, implemented, verified, and tracked, but it does not identify the stakeholder who can approve access to the database. References: BABOK Guide v3, Chapter 10: Techniques, Section 10.14: Governance Approach, p. 516-517; Section 10.42: Scope Modeling, p. 554-556; Section 10.41: Requirements Architecture, p. 553-554; Section 10.11: Change Control Process, p. 510-512.

 In the context of risk assessment, the impact of a risk is often calculated by multiplying the Probability of Occurrence (POC) with the Cost of Impact. For each risk in this scenario:

Natural disasters: 0.2 * 15,000 = 3,000

Power surges: 0.5 * 20,000 = 10,000

Human errors: 0.9 * 3,000 = 2,700

System security: 0.4 *16,000 =6,400

Power surges have the highest negative impact to value at $10,000.

References: The calculation is based on standard risk assessment practices which involve evaluating both the probability and impact of risks to prioritize them effectively; as per Business Analysis Professional (CBAP) learning documents or resources

 A business process model is a graphical representation of the activities, flows, events, and decisions that make up a business process. It can help to describe the current and future states of the process, identify the inputs, outputs, roles, and resources involved, and analyze the performance, value, and quality of the process. A business process model is a useful requirements viewpoint for presenting the requirements for an auto insurance product to domain and implementation SMEs, as it can show how the product will support the business goals, meet the customer needs, and integrate with the existing systems and processes. References:

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Chapter 6: Requirements Analysis and Design Definition, Section 6.4: Model and Validate Requirements, p. 263-264

A Guide to the Business Analysis Body of Knowledge® (BABOK® Guide), Version 3, Chapter 6: Requirements Analysis and Design Definition, Section 6.4: Model Requirements, p. 159-160