John Zachman (IBM) has been involved for twenty years in systems analysis from an academic point-of-view. His comments here were interesting - we all would like to model the corporation accurately, build logical, physical and operational models for data, and be well documented; but we've got a JOB to do!
He mentioned something that we seasoned veterans have known for years, and the PC people are just finding out: "Decentralization without structure or architecture is chaos and anarchy".
Zachman contrasts building computer systems with house building. There are many different representations for your dream house: the basic layout you had in mind to begin with, the Architect's drawing, the Architect's plans, the Contractor's plans and his Shop plans, and the actual building itself. These are not so different from the logical descriptions of an application system, from the requirements as stated by the user through external specification, analysis, programming and delivery.
You can describe systems from many different viewpoints: he listed three.
MY OPINION: this is the Chinese army approach to systems development. It is great if you have two hundred people, constant turnover, and your more immediate deadlines can wait. I keep thinking about the old joke: "up to {here} in alligators", it is difficult to remember that the "original objective was to drain the swamp".