Discovery (if you don’t have requirements specification yet)
          Duration: 1 – 3 months.
          A dedicated business analyst (BA) or a BA team:
          
            
              Explores the specific business needs and opportunities, documents
              key processes, and considers regulatory constraints.
            
            
              Elicits, gathers, processes opinions, expectations, and concerns
              of all stakeholders.
            
            
              Structures and prioritizes the requirements for future software
              based on business value.
            
            Analyzes risks.
          
        
        
          Project Planning
          Duration: ~ 2 weeks.
          A project manager:
          
            Defines clearly project deliverables and scope.
            
              Draws a project plan and a detailed work breakdown structure.
            
            
              Composes the team and maps collaboration flows between team
              members and client stakeholders.
            
            Provides accurate time and budget estimates.
            
              Introduces a tailored set of KPIs to measure the project’s health.