Can any one tell me if my understanding is right.

Steps involved /job process of a Business Analyst :-

STEP  1:-

CONSULTANCY ROLE – INVESTIGATES THE BUSINESS SYSTEM OF THE CLIENT, EXAMINES THE BUSINESS MODELS AND FLOW OF DATA

STEP 2

DISCUSS THE FINDINGS WITH THE CLIENT

STEP 3

DESIGNES AN IMPROVED IT SOLUTION :-

FEASIBILITY REPORT  - BEGINNING WITH SUMMARY – ELABORATE INFORMATION ABOUT THE EXISTING BUSINES –ELABORATE INFORMATION ABOUT THE PROPOSED SYSTEM – MERITS AND DEMERITS OF THE EXISTING SYSTEM & PROPOSED SYSTEM – STAFFING REQUIREMENT – COMPUTER SOFTWARE REQUIREMENT – BUDGETTING -  PROJECT SCHEDULE – AND FINAL RECOMMENDATION

STEP 4

PRESENT THE DESIGN (FESIBILITY REPORT ) TO THE  CLIENT FOR APPROVAL

STEP 5

ONCE APPROVED, WORK CLOSELY WITH THE CLIENT,S TEAM TO IMPLEMENT THE SOLUTION.

I think that you could say the first 4 steps are the 'strategic' dimension to the role, and not all analysts participate in this type of work and rather than specifics of a solution it's more of a focus on a solution approach (eg build or buy).  The 5th step is the bulk of the work and where most project analysts spend their work lives.  And as David said - the focus is then mainly on requirements not solutions.