Every change is initiated with the intent to deliver value. Understanding the concept of value is essential for effective analysis and delivery.
According to the BABOK Guide, value represents the worth, importance, or usefulness of something to a stakeholder. When assessing potential value, keep the following key aspects in mind:
Multiple Stakeholder Viewpoints: A business analyst needs to perceive value from various stakeholder perspectives. Value cannot be comprehended without identifying its intended recipients.
Diverse Stakeholder Groups: Complex changes often involve different stakeholder groups that perceive value differently. Prioritization should focus on delivering the most value to the entire organization, rather than catering to individual groups.
Beyond Income: Value goes beyond increased income or profit. It encompasses tangible and intangible aspects, such as reputation enhancement, employee and customer loyalty improvement, brand recognition, regulatory compliance, risk reduction, and enhanced user experience.
Business analysts assess potential solutions to identify the one that promises the greatest value. The projected value should outweigh the costs incurred by the change, leading to informed decisions on approval or rejection. If the costs surpass the potential value, the recommendation “do nothing” might be the most appropriate course of action.
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