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 Requirements elicitation is not a business analysis planning and monitoring approach, but a business analysis task that involves identifying and documenting the needs andexpectations of stakeholders. Business analysis planning and monitoring is the knowledge area that covers the tasks of defining the business analysis approach, planning the business analysis activities, managing the business analysis performance, and communicating the business analysis information. The other three options are examples of techniques that can be used in business analysis planning and monitoring, such as structured walkthroughs for validating the business analysis approach, decision analysis for selecting the best solution option, and process modeling for defining the business analysis process. References: BABOK Guide, Business Analysis Planning and Monitoring, Requirements Elicitation and Collaboration

A work product is any output of the business analysis process that is used to communicate, document, or manage requirements1. Examples of work products include requirements documentation, interview questions and notes, meeting agendas and minutes, models, diagrams, matrices, traceability reports, and business cases2. Presentation slides are not a work product, as they are not used to capture or manage requirements, but rather to present or summarize them to an audience. Presentation slides may contain information from work products, but they are not work products themselves. References:

• Work Product Definition & Meaning | Merriam-Webster Legal
• Examples of ownership of work product clauses in contracts - Afterpattern

To calculate the break-even point, we need to compare the total costs of the internal solution and the vendor’s solution over time. The internal solution has a higher initial cost ($78,000) and a higher monthly cost ($8,765) than the vendor’s solution ($61,000 and $7,990 respectively). Therefore, the internal solution will take longer to break even with the vendor’s solution. The formula for the break-even point is:

Break-even point = (Initial cost difference) / (Monthly cost difference)

Plugging in the numbers, we get:

Break-even point = ($78,000 - $61,000) / ($8,765 - $7,990) Break-even point = $17,000 / $775 Break-even point = 21.94 months

Rounding up to the nearest whole month, we get 22 months as the break-even point. References: This question is based on the concept of financial feasibility analysis, which is part of the business analysis planning and monitoring knowledge area in the BABOK® Guide. Financial feasibility analysis is the process of comparing the costs and benefits of different solutions to determine the optimal one for the organization. One of the techniques for financial feasibility analysis is break-even analysis, which calculates the point in time when the costs of a solution equal the benefits of the solution. You can find more information about financial feasibility analysis and break-even analysis in the following sources:

• BABOK® Guide, section 3.4.5.5, pages 76-77
• CBAP / CCBA Certified Business Analysis Study Guide, chapter 3, pages 85-86
• Certified Business Analysis Professional™ (CBAP®) | Coursera, course 2, week 3, video 3.3

 Identifying the stakeholders early on in the business analysis duties helps the business analyst to understand the needs, expectations, and interests of the stakeholders, as well as their influence and authority on the project. This helps the business analyst to plan and manage the requirements activities, communicate effectively with the stakeholders, and address any issues or conflicts that may arise. By involving the stakeholders throughout the business analysis process, the business analyst can ensure that the requirements deliverables are aligned with the stakeholder needs and expectations, and that they are delivered on time and within budget. References:

• IIBA, A Guide to the Business Analysis Body of Knowledge (BABOK Guide), Version 3, 2015, p. 30-311
• IIBA, Business Analysis Competency Model, Version 4, 2018, p. 142

Mitigation is not a category of risk tolerance, but rather a strategy for reducing the probability or impact of a risk. Risk tolerance refers to the degree of uncertainty that a stakeholder is willing to accept in relation to the achievement of the project or solution objectives. According to the BABOK® Guide1, there are three categories of risk tolerance associated with the stakeholders: risk-averse, risk-neutral, and risk-seeking. These categories are based on how much risk the stakeholders can tolerate and how they perceive the potential rewards of taking risks.

• Risk-averse stakeholders prefer to avoid risks or minimize their exposure. They tend to choose safer options that have lower returns but higher certainty. They may require more analysis and evidence before making decisions or approving requirements.
• Risk-neutral stakeholders are indifferent to risks and rewards. They base their decisions on the expected value of the outcomes, regardless of the uncertainty involved. They may accept higher risks if they are compensated by higher returns, or lower risks if they are accompanied by lower returns.
• Risk-seeking stakeholders prefer to take risks or maximize their exposure. They tend to choose riskier options that have higher returns but lower certainty. They may be willing to accept lower levels of analysis and evidence before making decisions or approving requirements.

References:

• CBAP® Handbook, page 6, section 4. Review the Exam Blueprint, under Requirements Analysis and Design Definition, task 5.1: Prioritize Requirements
• BABOK® Guide, page 33, section 4.2.1: Prioritize Requirements
• Risk Tolerance - Overview, Factors, and Types of Tolerance
• Applying stakeholder risk tolerance strategies in business