Gap Analysis:
A technique that business use to determine what steps needs to be taken in order to move from its current state to desired future state. Also called need gap analysis, and needs assessments.
Gap analysis consists of
- Listing characteristics factor (such as attributes, competencies, performance levels ) of the present situation (what is)
- Listing factors needed to achieve future objectives (what should be)
- Highlighting the gaps that exit and needs to filled.
- Gap analysis forces a company to reflect on who it is and ask who they want to be in future.
- Conducting a gap analysis can help a company re-examine its goals to determine whether it is on the right path to be able to accomplish them.
- A company will list the factors that define the current state, outline the factors that are required to reach the target state, and then determine how to fill the gaps between the two states.
Root cause analysis:
Root cause analysis (RCA) is a popular and often used technique that helps people the answer question of why the problem occurred in the first place. It seeks to identify the origin of the problem using a specific set of steps, with associated tools, to find the primary case of the problem, so that you can,
Determine what happened
Determine why it happened.
Figure out what to do to reduce the likelihood that it will happen again.
RCA assumes that systems and events are interrelated. An action in one area triggers an action in another, and another and so on. By tracing back these actions, you can discover where the problem started and how it grow into the symptom you are facing.
Mitigation analysis:
A systematic reduction in the extent of exposure to a risk and /or the likelihood of its occurrence. Also called risk education.
Risk mitigation planning is a process of developing options and actions to enhance opportunities and reduce threats to protect objectives. Risk mitigation implementation is a process of executing risk mitigation actions. Risk mitigation progress monitoring includes tracking identified risks, identifying new risks and evaluating risk process effectiveness throughout the project.