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The relationship between project management and business analysis is the fact that the business analysis provides the groundwork that is the basis for project management. Both go together in order to achieve a high level of business success. The ideas identified during the business analysis need to be effectively channeled through project management in order to work well. The result of a business analysis may sound good on paper, but without proper project management it may result in disappointing practical results. In the same way, a project that is not based on sound business analysis may result in a poorly executed outcome.
One way in which project management and business analysis work together is in the area of initiating a project. Business analysts identify new trends in a particular industry, draw up a proposal, and make recommendations. When the proposal has been approved by the management of the company, then the project manager will gather the necessary manpower and material resources needed to implement the project. For example, if the project is the construction of a bridge, the business analyst will draw up a proposal based on the analysis of items like cost of building materials, local construction codes, and estimated number of manpower.
The analysts will also consider the available financial resources of the company, and if there is any necessity to obtain a bank loan. Tools like feasibility studies will be carried out on the site of the proposed bridge, so as to find out if the area is a good site to maintain a bridge. Sometimes, the responsibilities inherent in project management and business analysis intersect. For instance, the decision to carry out a feasibility study during business analysis is also something that can be done by the project manager. The project manager can also find out the cost of the materials. The difference is that the business analyst does the feasibility study in conjunction with other analytical activities with a view of obtaining a well-rounded idea of what the project involves.
When the project is underway, further interaction will still occur between project management and business analysis. The project manager will execute the project based on a general implementation of the identified areas concentrated on during the business analysis. The business analyst will act as a sort of complement to the project manager, who will need to structure the project according to the benchmarks set by the analyst. This will ensure that the project does not veer off from its stated goals and objectives.
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