What are the problem solving skills required for business analyst

Business analysis is a profession with career opportunities in various industries. Because business analysis is carried out by companies investing in virtually all types of enterprises, a set of skills a business analyst not limited to a single industry. Regardless of the industry you work in, a business analyst should possess some key skills to solve problems in both math and verbal.

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Identifying the problem
All resolutions of problems begin with the identification of the problem. When a management team or an employer asks a business analyst to solve a problem, you may only have a vague idea of ​​what your exact problem. Therefore, before the business analyst can make any recommendations, you should be able to describe business problems in very specific terms. The analyst does this by asking management what their goals are, how they are below their targets, and which departments or processes are contributing to the overall delay. Then the analyst can carry out an audit of data management, accounting and human resources departments responsible to determine the exact problem in precise numerical terms.

Brainstorming Solutions
Once a business analyst has identified the problems facing management, then this must come to a set of possible solutions. Brainstorming itself is a problem solving ability, as it is necessary to identify possible solutions to a complex and nonlinear. There are many brainstorming techniques that business analysts can use to get to a short list of possible solutions. Free writing is a technique whereby you write ideas that come to mind, no matter how silly they may seem. Ideas are trees brainstorming tools in breaking an idea into its constituent components. For example, a tree thought on ” ways to save money in the inventory “may start with a branch for “cost saving strategies” and another branch to the “sources of inventory.” These two categories could be divided into more sub-categories.
Facts and Figures
Business analysts must be able to work with mathematical and statistical data. First, when business analysts diagnose problems, have to be able to analyze relationships in the accounting records to determine the ROI of business operations. Second, business analysts must use a combination of accounting data and economic data from the industry to determine what kind of results you can achieve business after these improvements. The ability to solve problems here include the required mathematical fraction analysis, algebra and statistical analysis, as derived from the means and standard deviations.

Cost-benefit analysis
The economic cost-benefit is one of the most important problem-solving skills for business analysts. A cost-benefit analysis is to determine the costs and benefits of different courses of action and choosing those that show the greatest potential for profit. A cost-benefit analysis is not a simple calculation of dollars invested in a project and the potential revenue that can come out of it. Rather, it comes to calculating the financial, social and political course of action, as the price of materials, potential lawsuits, the potential of social protest, and long-term benefits in taking this action: financial performance, potential future acquisitions, improved reputation. The cost-benefit analysis requires several skills: mathematics (sum of the estimated costs and returns), marketing / PR (determination of the likely response of citizens to an action), and strategic thinking (evaluating the potential for new investments resulting from the expansion into a new market).