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 A formal approach is suitable for a project that has a high level of complexity, uncertainty, and risk, as well as a high degree of stakeholder involvement and scrutiny. A project to expand into new markets is likely to have these characteristics, especially in the banking industry, which is highly regulated and competitive. A formal approach would help ensure that the project scope, objectives, and requirements are clearly defined, communicated, and approved by the relevant stakeholders, such as the CEO and the CFO. A formal approach would also provide more control and traceability over the project deliverables and changes, as well as more visibility and accountability for the project progress and outcomes. References: CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Chapter 2: Business Analysis Planning and Monitoring, page 59; Business Analysis Body of Knowledge (BABOK ®) Guide, Chapter 2: Business Analysis Planning and Monitoring, section 2.1.4: Selecting the Business Analysis Approach, pages 28-29.

 A milestone is a term used to describe a major deliverable or key event in the project used to measure project progress. A milestone is a significant point in time that marks the completion of a specific scope of work or a specific objective. A milestone can also be a checkpoint that indicates the readiness of the project to move to the next phase or stage. A milestone can be used to monitor and control the project schedule, budget, quality, and risks. A milestone can also be used to communicate the project status and achievements to the stakeholders and sponsors. A milestone is usually associated with a specific date and has no duration. References: IIBA BABOK Guide v3, section 5.1.3, page 163; CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, chapter 6, page 233; CBAP Sample Questions, question 233.

 According to Herzberg’s two-factor theory of motivation, there are two sets of factors that influence job satisfaction: hygiene factors and motivators. Hygiene factors are those job factors that are essential for existence of motivation at workplace, but do not lead to positive satisfaction for long-term. They are also called dissatisfiers or maintenance factors, as they are required to avoid dissatisfaction. Hygiene factors include pay, company policies, fringe benefits, physical working conditions, status, interpersonal relations, and job security. Motivators are those factors that yield positive satisfaction and enhance motivation. They are inherent to work and relate to self-growth and self-actualization. Motivators include recognition, sense of achievement, growth, responsibility, and advancement. The chance to excel is a motivator, not a hygiene factor, according to Herzberg’s theory. References: Herzberg’s Two-Factor Theory Of Motivation-Hygiene - Simply Psychology; Herzberg’s Two-Factor Theory of Motivation - Management Study Guide; Two-factor theory - Wikipedia

Risk management is the process of identifying, analyzing, responding, and monitoring the risks that may affect the project or the organization. Risk management helps to minimize the negative impacts and maximize the positive opportunities of the uncertainties and assumptions. Risk management involves setting the risk tolerance, which is the level of risk exposure that the organization is willing to accept. Risk management also involves identifying the potential risks, which are the factors that may jeopardize the project or the organization’s objectives. Risk management also involves prioritizing the tolerance for risk, which is the order of importance of the risks based on their probability and impact. Risk management is an iterative and continuous process that should be performed throughout the project life cycle and at different levels of the organization. References: [IIBA BABOK Guide v3], section 11.1, page 384; CBAP / CCBA Certified Business Analysis Study Guide, chapter 5, page 227; CBAP Sample Questions, question 232.

 A program charter is a document that communicates from the program-level perspective – a clear understanding and statement of the technical objectives and the end products, services, or results of the work to be performed. A program charter is similar to a project charter, but it applies to a program, which is a group of related projects that are managed in a coordinated way to obtain benefits and control that are not available from managing them individually. A program charter defines the program vision, mission, goals, scope, benefits, stakeholders, roles and responsibilities, governance structure, risks, and success criteria. A program charter provides the direction and guidance for the program and serves as a reference point for future decisions and changes. A program charter is usually created by the program sponsor or the customer, in collaboration with the program manager and the business analyst, and approved by the key stakeholders. References: [IIBA BABOK Guide v3], section 5.1.1, page 161; CBAP / CCBA Certified Business Analysis Study Guide, chapter 6, page 233; Free CBAP CBAP® Exam Questions - IIBA CBAP Exam - Study4Exam, question 249.

 A requirement attribute is a characteristic or property of a requirement that provides additional information about it. Requirement attributes can help to manage, prioritize, trace, and verify the requirements. Some common requirement attributes are source, priority, status, owner, version, etc. One of the qualities of a good requirement is that it should be unambiguous, which means that it should have only one possible interpretation and avoid any confusion or misunderstanding. An unambiguous requirement is clear, precise, and consistent, and it can be easily verified and validated. An ambiguous requirement, on the other hand, can lead to errors, defects, rework, and conflicts among the stakeholders. References:

Characteristics of Effective Software Requirements and Software Requirements Specifications (SRS) - Jama Software, under Qualities of Good Requirements

The Four Attributes of High-Quality Requirements - ArgonDigital, paragraph 1

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, page 47

A communications requirements matrix is a table of all stakeholders showing the mapping of which stakeholders will contribute information to other stakeholders. It also specifies the type, format, frequency, and channel of communication for each stakeholder. A communications requirements matrix is a useful tool for planning and managing stakeholder communication throughout the project lifecycle. It helps to ensure that the right information is delivered to the right people at the right time and in the right way. References:

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, page 343

What is Stakeholder Mapping? Guide to Stakeholder Maps | Miro, under What is a stakeholder map?

 Operational assessment is a type of analysis that involves evaluating the current state of the business processes, activities, and performance, and identifying the gaps, issues, and opportunities for improvement. Operational assessment was missed prior to purchasing a solution, because it would have helped to understand the differences and similarities between the Life and Non-Life teams, and to determine the best solution that would meet the needs and expectations of both groups. By skipping the operational assessment, the company bought a solution that did not fit the processes and preferences of the Non-Life team, and resulted in inefficiency and dissatisfaction. Organizational structure, stakeholder impact analysis, or stakeholder location are not the best options for the type of analysis that was missed, because they are either irrelevant, inaccurate, or not the root cause of the problem. References:

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Chapter 6: Strategy Analysis, page 248

Business Analysis Body of Knowledge (BABOK) Guide, Version 3, Chapter 5: Strategy Analysis, section 5.2: Analyze Current State, page 95

Business Analysis Professional Resources, IIBA Resource Collection, Business Analysis Body of Knowledge (BABOK) Guide

CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, Skillsoft Book, Chapter 6: Strategy Analysis, page 248

A work breakdown structure (WBS) is a visual decomposition of the program scope and the resources needed in order to create the things defined within the program scope. A WBS is a hierarchical representation of the deliverables, activities, and tasks that are required to complete the program. A WBS defines the scope, schedule, cost, and quality of the program, and helps to allocate the resources and assign the responsibilities for the program. A WBS also helps to identify the dependencies, risks, and issues of the program, and to monitor and control the program performance12. A resource breakdown structure (RBS) is a visual decomposition of the resources that are needed to complete the program. An RBS is a hierarchical representation of the human and non-human resources that are required to perform the activities and tasks of the program. An RBS defines the types, categories, and quantities of the resources, and helps to estimate, acquire, and manage the resources for the program. An RBS also helps to identify the availability, utilization, and allocation of the resources, and to optimize the resource efficiency and effectiveness13. A product breakdown structure (PBS) is a visual decomposition of the products that are delivered by the program. A PBS is a hierarchical representation of the components and features that make up the products of the program. A PBS defines the scope, quality, and functionality of the products, and helps to design, develop, and test the products for the program. A PBS also helps to identify the requirements, specifications, and standards of the products, and to verify and validate the products14. A budgeted cost of work scheduled (BCWS) is a measure of the planned value of the program. A BCWS is the sum of the budgets for all the work packages and activities that are scheduled to be completed by a given date. A BCWS defines the expected cost of the program, and helps to compare the actual cost and the earned value of the program. A BCWS also helps to identify the cost variance and the cost performance index of the program, and to forecast the cost at completion and the estimate at completion1 . References:

CBAP® Handbook

Work Breakdown Structure - iiba.org

Resource Breakdown Structure - iiba.org

Product Breakdown Structure - iiba.org

[Budgeted Cost of Work Scheduled - iiba.org]

Decision analysis is a technique for identifying and evaluating the possible options for a given problem or situation. It involves defining the criteria, alternatives, and consequences of each option, and applying a decision-making method to select the best option12. Decision analysis can be used for assessing and recommending solutions that fit an organization’s need for a new third-party sales tool, as it can help to compare the features, benefits, costs, and risks of different vendors or products. The other options are not techniques for identifying suitable options, but rather tools or methods for other purposes. A balanced scorecard is a tool for measuring and managing the performance of an organization or a solution3. A vendor assessment is a method for evaluating the capabilities and suitability of a potential vendor or supplier4. A process analysis is a technique for understanding and improving the current or future state of a business process