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 In the context of business analysis, the sponsor is the type of stakeholder responsible for initiating the effort to define a business need. The sponsor is typically a senior executive or a key stakeholder who has the authority and responsibility to allocate resources and ensure that the project aligns with strategic business objectives. They play a critical role in the early stages of project development by defining the business need, which sets the direction for the project and guides the work of the business analyst.

References: This information aligns with the definitions and roles of stakeholders in business analysis as outlined in the Business Analysis Body of Knowledge (BABOK) and other learning resources provided by the International Institute of Business Analysis (IIBA)1.

 Stakeholders often face challenges in prioritizing requirements due to different perceived values. This challenge arises because stakeholders may have varying opinions on what is most important, leading to conflicts and difficulties in reaching a consensus on priority. The diversity in stakeholders’ backgrounds, roles, and interests can result in a wide range of perspectives on which requirements should take precedence.

References: This concept is discussed in the context of business analysis, where prioritizing requirements is a crucial step that aligns project goals with business objectives and stakeholder needs. The differences in perceived values among stakeholders are a well-known challenge in this process1.

 In the context of Business Analysis, requirements should be initially prioritized based on the business benefits they are expected to deliver. This approach aligns with the principle of delivering the most value to the organization and ensuring that the most impactful requirements are addressed first. Prioritizing by business benefits helps in focusing on what is most important for achieving business objectives and delivering value to stakeholders.

References: The prioritization of requirements is a critical step in the requirements life cycle management, as outlined in the BABOK® Guide. While the guide itself is not publicly accessible without membership, it is widely recognized that business benefits are a key factor in prioritization. This is supported by various resources and articles that discuss prioritization methods within the domain of Business Analysis.