Tools and Techniques Paper
MGT 350
Workshop 3
Pierre Matthee
University of Phoenix
Tracy Lehman
July 12, 2006
Tools and Techniques Paper
Starting on a new business venture or business project can be a big risk for any entrepreneur or investor. Study shows that a high percentage of new business ventures fail the first time around. The question is why or how do these business ventures fail and what are the steps to take that prevent such downfalls? Many research studies take place to develop a list of tactics that can help business owners and/or investors become more successful in their investments and lower the risk of failure. Research shows that the top three major factors that greatly influence the success of a project are "user involvement, executive management support and clear statement of requirements. (Outsource2India, 2006)" A clear statement of requirements is usually quite difficult to maintain due to idea changes etc that can often cause problems to arise. It is at this time when a requirements analysis takes place to solve and prevent such problems.
Requirements analysis "is the process of understanding the problem and the requirements for a workable solution. (Outsource2india, 2006)" When a company or individual has accumulated all the necessary requirements for a certain project, they have the first step of a requirements analysis completed. The analysis sorts the requirements into related subjects, studies each requirement thoroughly, picks out any omissions and ambiguity, and "prioritizes requirements based on the needs of the customer" (Outsource2India, 2006). It is critical to launch accurate requirements and specifications in the beginning ...