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Opportunity cost is the value of the next best alternative that is forgone as a result of making a decision1. In this scenario, the opportunity cost of choosing Project B over Project A is the value of Project A, which is $235,987. This means that by pursuing Project B, the organization is giving up the potential benefit of earning $235,987 from Project A. The risk of Project B is not relevant for calculating the opportunity cost, as it only affects the expected return of Project B, not the value of Project A. The difference between the values of Project B and Project A ($331,013) is not the opportunity cost, as it does not reflect the value of the forgone alternative. The value of Project B ($567,000) is not the opportunity cost, as it is the value of the chosen alternative, not the forgone one. References: 1: Opportunity Cost: Definition, Calculation Formula, and Examples1

 MoSCoW is an acronym for Must-have, Should-have, Could-have, and Won’t-have this time. It is a prioritization technique that many organizations use in project management, software development, business analysis, etc., to categorize and prioritize requirements or tasks based on their importance and urgency. The method provides a simple and effective way to prioritize work items by assigning them to one of the four categories12:

Must-have: These are the critical and non-negotiable requirements or tasks that must be completed for the project or product to be successful. Without them, the project or product will fail or become useless. For example, compliance with legal or security standards, or core functionality of the product.

Should-have: These are the important but not essential requirements or tasks that should be completed for the project or product to be satisfactory. They add significant value or benefit, but they are not as time-sensitive or critical as the must-haves. They can be postponed or omitted without compromising the project or product. For example, performance improvements, minor bug fixes, or nice-to-have features.

Could-have: These are the desirable but not necessary requirements or tasks that could be completed for the project or product to be enhanced. They improve the user experience or customer satisfaction, but they have a low impact or benefit. They can be included if time and resources permit, or they can be left out without affecting the project or product. For example, aesthetic changes, extra functionality, or user feedback.

Won’t-have: These are the least important or relevant requirements or tasks that won’t be completed for the project or product at the current time. They have a low or negative impact or benefit, or they are not appropriate or feasible at the moment. They can be excluded, deferred, or reconsidered for future projects or products. For example, out-of-scope requests, low-priority issues, or unrealistic expectations.

MoSCoW prioritization helps to manage the expectations and needs of the stakeholders, and to focus on the most valuable and urgent work items. It also helps to deal with changing requirements, scope creep, and resource constraints. MoSCoW prioritization is often used with timeboxing, which is a technique that sets a fixed deadline for the completion of a project or product34. References:

What is MoSCoW Prioritization? | Overview of the MoSCoW Method

MoSCoW method - Wikipedia

Simplify Requirement Prioritization With the MoSCoW Method - Geekflare

MoSCoW: Framework for Effective Prioritization | craft.io

 Identifying the stakeholders early on in the business analysis duties helps the business analyst to understand the needs, expectations, and interests of the stakeholders, as well as their influence and authority on the project. This helps the business analyst to plan and manage the requirements activities, communicate effectively with the stakeholders, and address any issues or conflicts that may arise. By involving the stakeholders throughout the business analysis process, the business analyst can ensure that the requirements deliverables are aligned with the stakeholder needs and expectations, and that they are delivered on time and within budget. References:

IIBA, A Guide to the Business Analysis Body of Knowledge (BABOK Guide), Version 3, 2015, p. 30-311

IIBA, Business Analysis Competency Model, Version 4, 2018, p. 142

Functional decomposition is a technique that breaks down a complex solution scope into smaller and manageable work products or deliverables. It helps to understand the scope of work that needs to be completed, and to organize and prioritize the requirements. Functional decomposition can be represented in various ways, such as hierarchical diagrams, tables, or lists. It can also be used to create a work breakdown structure (WBS) for the project management. Functional decomposition is useful for projects that have a large or unclear solution scope, as it helps to reduce ambiguity and complexity, and to identify dependencies and gaps. References:

Using Scope Models to Manage Solution Scope

Solution Scope vs. Project Scope

Solution Scope – An Insight

SWOT analysis is a technique for assessing the internal and external factors that may affect the feasibility, acceptability, and suitability of a proposed solution or solution approach. It evaluates the strengths and weaknesses of the solution or solution approach, as well as the opportunities and threats in the business environment. SWOT analysis helps to identify the key issues and risks that need to be addressed or mitigated, as well as the potential benefits and advantages that can be leveraged or enhanced. References:

A Guide to the Business Analysis Body of Knowledge (BABOK Guide), Version 3, Chapter 10: Techniques, Section 10.50: SWOT Analysis

SWOT Analysis: How To With Table and Example - Investopedia

SWOT - Definition, Examples, Process, Uses - Corporate Finance Institute

Change requests are more likely to occur in the early stages of a project, when the requirements are being elicited, analyzed, and validated. During this time, stakeholders may discover new needs, identify gaps, or revise their expectations. Change requests may also arise due to changes in the business environment, such as new regulations, market trends, or competitor actions. Change requests are less frequent in the later stages of a project, when the requirements are more stable and the solution is being designed, developed, and tested. References:

A Guide to the Business Analysis Body of Knowledge (BABOK Guide), Version 3, Chapter 4: Requirements Life Cycle Management, Section 4.5: Manage Changes1

CBAP Certification Study Guide v3.0, Chapter 4: Requirements Life Cycle Management, Section 4.5: Manage Changes2

Before making a presentation about the requirements for a large software development project, Gary should determine an appropriate format for the presentation. This means he should consider the following factors:

The audience: Who are the stakeholders that will attend the presentation? What are their roles, interests, and expectations? How familiar are they with the project and the requirements? How much detail do they need to understand the requirements?

The purpose: What is the goal of the presentation? Is it to inform, persuade, or seek feedback from the stakeholders? What are the key messages and takeaways that Gary wants to convey?

The time: How much time does Gary have to present the requirements? How can he allocate the time effectively to cover the most important and relevant aspects of the requirements?

The tools: What tools and resources does Gary have to create and deliver the presentation? Does he have access to a projector, a laptop, a microphone, or a whiteboard? What software or applications does he need to use to create the presentation slides or documents?

The style: How can Gary make the presentation engaging, clear, and professional? What visual aids, diagrams, charts, or examples can he use to illustrate the requirements? How can he use colors, fonts, images, and animations to enhance the presentation? How can he structure the presentation to have a logical flow and a strong introduction and conclusion?

By determining an appropriate format for the presentation, Gary can ensure that he communicates the requirements effectively and efficiently to the stakeholders, and that he addresses their needs and concerns.

References:

How to Make Interesting Presentations for Software Projects, paragraphs 1-3

How To Write The Software Development Project Brief, steps 1-7

Complete Guide to Software Development Requirements, paragraphs 1-2

 Functional decomposition is the analysis of complex systems by breaking them down into smaller simpler elements. It involves breaking down processes, systems, functional areas, or deliverables into simpler components, so that each part can be analyzed separately12. By breaking down larger components into smaller parts, it allows the organization to measure and track each work effort involved in implementing the solution. It also helps in the assessment of the effectiveness of each sub-component as it relates to other larger or smaller components3. Functional decomposition is a technique used in business analysis to facilitate the understanding and management of large and complex processes2. It is also used in systems engineering, software architecture, database theory, machine learning, and a variety of other fields2. References: 1: Functional decomposition in business analysis – The Functional BA 2: Functional Decomposition: Definition, Diagrams, and Applications 3: 10.22 Functional Decomposition | IIBA®

Requirements are dynamic and may change throughout the project life cycle due to various factors, such as changing stakeholder needs, new business opportunities, feedback from testing, or regulatory changes. Business analysis planning and monitoring involves defining the process for managing changes to requirements, including identifying the roles and responsibilities, the approval levels, the change control tools, and the communication methods. The business analyst should be prepared to handle changes to requirements at any time and follow the established change control process. References:

CBAP® Handbook, page 6, section 2.4. Review the Exam Blueprint

BABOK® Guide, page 29, section 2.4. Manage Business Analysis Performance

Tips for Earning a Business Analysis Certification, point 3. Understand the BABOK® Guide

 Automation is a type of process improvement that can reduce the time, cost, and errors involved in performing tasks. By automating some of the software and activities that the stakeholders use, you can increase the efficiency and effectiveness of the data report generation process. Automation can also enhance the quality and consistency of the outputs, as well as the satisfaction of the customers and the workers. References:

CBAP® Handbook, page 6, section 4. Review the Exam Blueprint, under Business Analysis Planning and Monitoring, task 5.2: Plan Business Analysis Process Improvements.

CBAP / CCBA Certified Business Analysis Study Guide, page 144, section 5.2.2: Plan Business Analysis Process Improvements, under Automation.