Which Practice Area provides business value by reducing cost and rework through early detection of issues or defects?

The practice area that truly aligns with providing business value by reducing cost and rework through early detection of issues or defects is quality assurance. This area emphasizes the systematic monitoring and evaluation of the processes involved in product development, aiming to ensure that standards and procedures are followed throughout. By implementing quality assurance practices, organizations can identify defects and inefficiencies early in the development cycle, which leads to reduced costs associated with rework and ultimately enhances the overall quality of the product delivered.

Engaging in practices like peer reviews can contribute to this process by providing an additional layer of scrutiny, but they function more as a specific technique within the larger framework of quality assurance. Monitoring, while valuable for overseeing ongoing processes, does not directly focus on detecting defects in the same proactive manner that quality assurance does. Process improvement also plays a critical role in refining operations and enhancing performance but is more about fostering ongoing enhancements rather than the initial detection of problems. Thus, quality assurance stands out in this context for its direct impact on early defect detection and cost reduction.