Methodology

The entire subject of risk management is based on the ability of the manager to identify, value, and then mitigate the correct risks. Classification of risks is a vital step in this process. It is important to realize that there is no standard framework for classifying risks. Different people use different frameworks. One such framework was made popular by Donald Rumsfeld, who was Secretary of Defense for the United States during the subprime mortgage crisis. This framework classifies risks based on knowns and unknowns.

The technology industry works on a continuously evolving mechanism, with new advancements every day. While many product development companies are more focused on producing results, a few actually believe in the importance of creative practices in the organization.

The Japanese word ‘kaizen’ means a business philosophy of continuous improvement is working practices. A healthier practice is for businesses to invest in the improvement of the process and people rather than the end product, which is bound to give better results.

Let’s start by acknowledging that everyone has unconscious bias — even you (yes, you). As humans, we are very social animals with complex brains that have evolved little mental shortcuts over thousands of years to help us make quick decisions. Unfortunately, in modern life, this can often lead to some flawed decisions in the form of unconscious bias.

Project statistics state that most project rework/failure is due to incomplete/improper/unclear requirements, hence the role the Business Analyst becomes even more critical as they shoulder a huge responsibility of eliciting and collaborating with the stakeholders to obtain clear, concise and complete requirements.

The elicitation and collaboration knowledge area focuses on drawing forth or receiving information from stakeholders and other sources by directly interacting with stakeholders, researching topics, experimenting or simply being handed information.