Definition
A SWOT Analysis is a strategic planning tool used to assess an organization’s Strengths, Weaknesses, Opportunities, and Threats. It helps businesses and project teams identify competitive advantages, risks, and areas for improvement.
SWOT Breakdown:
Strengths – What does the company do well? (e.g., strong brand, skilled workforce)
Weaknesses – What are its limitations? (e.g., outdated technology, resource constraints)
Opportunities – What external factors can be leveraged? (e.g., market growth, new technologies)
Threats – What risks could impact success? (e.g., competition, regulatory changes)
Use Cases:
Helps in business strategy formulation. Identifies areas for growth and improvement. Supports risk assessment and decision-making.Many project managers conduct SWOT analyses during the initiation phase to ensure informed project planning.
