It sounds like a very technical idea, but basic harmonic analysis just means understanding how a chord is related to the key and to the other chords in a piece of music. This can be such useful information that you will find many musicians who have not studied much music theory, and even some who don't read music, but who can tell you what the "I" or the "V" chord are in a certain key.
Why is it useful to know how chords are related? Many standard forms (for example, the "twelve bar blues") follow very specific chord progressions. If you know the chord relationships, you can play any progression in any key. If you are searching for chords to go with a particular melody (in a particular key), it is also very helpful to know what chords are most likely in that key, and how they might be likely to progress from one to another.



Key Signature
Minor Keys







