Requirements Life Cycle Management

This area revolves around managing all the tasks which are essential for the requirements such as planning, analyzing, managing etc. These tasks make sure that the business analysis information is up to date with the requirements and the solution or the end result is up to the mark.
The area includes the following tasks:

Trace Requirements - The goal of tracing is to ensure that requirements are connected to a business objective. In other words, traceability ensures that every requirement has a business purpose and that no requirement is superfluous.
Maintain Requirements - As a business analyst, you have to keep requirements up-to-date during and also after your required changes. This task makes sure that the changes are to be done are accurate and even if someone disagrees with the notion of the requirement it is acceptable for the actual change.
Prioritize Requirements - Not all requirements have the same priority – depending on the stakeholder and the benefits, you have to define the order in which the requirements should be implemented. The prioritization should be continuous to be able to react to changes. For example, the benefit, cost or risk might change over the course of the project.
Assess Requirement Changes - As a business analyst, you have to evaluate how the suggested changes will affect the requirements. This evaluation is only successful if new needs or solutions have been identified.
Approve Requirements - And then you have to accept or reject the requirements to continue processing the solution. This can occur formally or informally.

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