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BUSINESS ANALYSIS (Preferred term)
A process used by organizations to improve how it conducts its functions and activities in order to reduce overall costs, provide more efficient use of resources, and better support customers. It introduces the notion of process orientation, of concentrating on and rethinking end-to-end activities that create value for customers, while removing unnecessary, non-value added work. The person who carries out this task is called a business analyst or BA.
Source: Extract from Wikipedia