SWOT analysis (alternately SWOT Matrix) is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at the Stanford Research Institute (now SRI International) in the 1960s and 1970s using data from Fortune 500 companies.
Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization.
- Strengths: characteristics of the business, or project team that give it an advantage over others
- Weaknesses: are characteristics that place the team at a disadvantage relative to others
- Opportunities: external chances to improve performance (e.g. make greater profits) in the environment
- Threats: external elements in the environment that could cause trouble for the business or project
Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs.
First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated.
Users of SWOT analysis need to ask and answer questions that generate meaningful information for each category (strengths, weaknesses, opportunities, and threats) in order to maximize the benefits of this evaluation and find their competitive advantage.
... BSC SWOT, or the Balanced Scorecard SWOT analysis, was first introduced, in 2001, by Lennart Norberg and Terry Brown ... BSC SWOT is a simple concept that combines the two powerful tools BSC (Balanced Scorecard) and SWOT analysis when identifying factors that drives or hinders strategy ... The four perspectives in BSC is combined with the four dimensions of SWOT in a matrix where findings may be inserted ...
... candidates to complete the following Self-SWOT Analysis (see SWOT analysis) This is intended to help the individual carry out some initial thinking about your strengths and weaknesses ... Professional Development Development of your PPDP is based upon the individuals SWOT Analysis ... for the second and subsequent years by reviewing and updating your SWOT Analysis and then drawing up a new PPDP ...
... competitive strengths and weaknesses using SWOT analysis ... to invest in research to collect the data required to perform accurate marketing analysis ... processes to help identify trends and inform the company's marketing analysis ...
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