You also have the uneviable task of picking the subject matter.
Try this if you are game;
Pick one or two requirements models you are comfortable with (Use case, process maps, context diagrams) and then go back to the PM and in 20 minutes quiz her/him and flesh out your diagram.
You can explain this by saying that a primary role of an analyst is gathering information and sorting it into useful structures; and that is what you are doing.
Craig / Guy,
Thanks for your input. You both raise some very valid points. I think I'm going to go with creating a spec for a prior report that I ran. Like you guys said, I really didn't have much to go on so no matter what I turn in it can't be wrong. It was just very frustrating not having much to go on but maybe that was the task... to just keep things simple. Like I said, I'm just interviewing for an opportunity but it scares the hell out of me to have to spec something out being that I've never done it in any of my prior roles. Thanks for all your help.
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