Give a live example of an organization which uses business analytic tools?
Answer: Business analytic tools can be any methodology that helps you understand business problems better and/or provide solutions.
When I worked for a utility company, we used something called Quality Work Groups. I as an analyst would meet with business office and service personnel on a monthly basis. We would discuss problems that each of the departments were having with doing their jobs and between departments. As an analyst I would listen for opportunities to make a difference.
When an opportunity for improving an operation and/or saving the company money, I as an analyst would take it on as a project and begin an analysis from my analytic toolkit. I would use economic analysis(a form of capital budgeting), time and motion studies( measuring how efficient a work method is), data mining (to discover what the past revealed about costs, service demands and labor availability), etc. If the analysis met with certain economic criteria, a report would be issued to management suggesting implementation.
There are many different tools that are used by analysts. Every analyst's toolkit will contain some different tools. The economic tools are probably the most important, if you want to have your project approved by management.
I am interested in the merits and problems of different survey methods.
1. What are the problems and remedies of gathering primary data through Personal Interviews?
2. What are the problems and remedies of gathering primary data through the use of Questionnaires?
Personal Interviews are labor intensive, require skilled interviewers, are expensive and require a longer turnaround time.
Questionnaires require good reading and writing skills, are inflexible, have lower response rates, and the quality of the response is hard to judge.
Most of the problems are addressed by using the the opposite survey method. For example: If you don't like the high cost of personal interviews, then use questionnaires. If your subjects are only marginally literate, then use personal interviews.
One of the most important tools is the ability to discern what the business environment is and what needs to be done in order to make it more efficient. Many of the quantitative tools are used to prove your initial theories right or wrong.
As a business analyst in IT company which business tools would be helpful?
Probably the most important business analyst tools that you can have in an IT environment are related to translation. The business requirements must be translated to IT terms. The software capabilities and features must be translated to show that it meets the business requirements. So business requirements must be studied and analyzed. Those requirements must be turned into specifications that the IT department can understand. When the project is nearing completion a users manual must be written that shows how the software has met the business requirements. So the business analyst tools of specification and user manual analysis and writing might be characterized as a translation tools between two entities that speak different languages.