The business analyst first identifies the core business problem or opportunity. They analyze the current situation and recommend high-level solutions to address the gap. For LumiGems, this meant identifying a market demand for fashionable tech jewelry.

Next, the business analyst develops a business case. This document provides the justification for undertaking the project, outlining the costs, benefits, risks, and expected financial return. It answers the question: 'Why should we do this project?'

Finally, a Benefits Management Plan is created. It outlines how and when the project's benefits will be delivered and measured, ensuring that the value promised in the business case is actually realized after the project is complete.