I think that it is more important than ever for the development team to recognize the business value of the application they develop. The traditional approach had the requirements handed down from the 'business owners'. It was almost sacrilegious for the developers or even analysts to suggest improvements or discuss the ultimate business purpose with the business owners. Think separation of duties, don't do anything you're not 'qualified' of doing.
The problem with this approach (for the development team), is that it is the development team is the place where value is created. Not allowing or encouraging collaboration between business owners and the development team is similar to blindfolding a master painter and ask him to paint a portrait from memory after a cursory look at the model. The development team needs to understand not only what but also why something is built. This ensures project success and prevents finger pointing situations where everybody is right in their own ways.
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