Overview

The operating context of the business process will evolve and change throughout its life cycle. This is because external conditions are market driven and technological advances affect the business process. Fashion and changing customer preference influences the demand for products. Within the business, conditions may also change, with changes in ownership interests, new product lines, and occasionally, geographical relocation.

There are two objectives common to businesses, namely, to remain in business and to make a profit. In order to do that, businesses must be able to predict the market for their products. The greater this ability, the more successful they will be in adapting to the changing needs of the customers. While a feel for the market or instinct is a useful gift, it is only available to a few lucky entrepreneurs. The rest have to rely on their ability to gather the appropriate data and analyze it to obtain the required information. The lucky few also work hard at it, and one might argue that their success is due to this effort, though others may attribute it to their instincts.

Analysis by itself has no value. It must help achieve business objectives. For this purpose the data must be appropriate, analysis technique suitable, and the errors recognized and compensated. The resulting information is useful for making good decisions.

Time is a key element in any decision-making process. It places a limit on the pace of gathering and analyzing data. We have to make decisions even when the information...