What is considered an example of an external influence in business analysis?

In business analysis, external influences refer to factors that come from outside the organization and can impact its operations, decisions, and overall strategy. Competitors are a prime example of this type of external influence because they operate in the same market space and can affect an organization's market share, pricing strategies, and product offerings. The actions and strategies of competitors often lead businesses to adapt or change their own strategies in order to remain competitive, which is crucial for maintaining a strong market position.

On the other hand, internal market trends, organizational structure, and management practices are all elements that originate from within the organization. These factors are more closely related to the internal environment of the business, influencing how the organization operates, makes decisions, and responds to challenges, but they do not constitute external influences as competitors do. Understanding the distinction between internal and external influences is essential for business analysts, as it helps them identify the various factors that can affect a project or initiative.