What is the process of evaluating and quantifying potential value of solution options?

The process of evaluating and quantifying the potential value of solution options is known as Value Analysis. This approach focuses on assessing how different options can meet business goals and provide benefits based on their costs, risks, and the overall impact they may have on the organization. By conducting Value Analysis, business analysts can prioritize solutions that not only meet the requirements but also maximize value for stakeholders and the organization as a whole.

Value Analysis is essential in decision-making processes where multiple solution options are available, as it ensures that the best choices are made based on an objective assessment of potential benefits and drawbacks. The emphasis is on understanding how each solution aligns with strategic objectives, ultimately leading to improved outcomes.

The other processes, while important in the requirements analysis and design definition, serve different purposes. Requirements Analysis focuses on identifying and detailing the needs and expectations of stakeholders. Stakeholder Engagement emphasizes communication and collaboration with stakeholders to gather their input and feedback. Specification Assessment is concerned with reviewing and validating requirements against set criteria to ensure they are clear, complete, and feasible. Thus, while they are all critical elements in the broader context of requirements analysis, they do not specifically involve the evaluation and quantification of potential value as Value Analysis does.