Description
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| SWOT Analysis |
The technique that analyzes the project, option, or an organization from the following 4 sides.
1. Strengths (S)
It includes the areas in which the organization or project is very good.
2. Weaknesses (W)
These are the areas where the organization or the project suffers.
3. Opportunities (O)
These are the avenues where the company or project is about to get new assignments, revenues, or some benefits in terms of business.
4. Threats (T)
Anything that poses risk to the success or growth of the organization or the project.
It is an important technique used during the risk identification process. Risk identification is enhanced by including the internally generated risks owing to the influence of the strength and weaknesses of the organization.
EXAMPLES
Strengths
Your USPs
Skilled resources.
Access to IPR (Intellectual Property Rights)
Weaknesses
Things you don’t have but the competitors have – e.g. new technology
Opportunities
An underserved market.
A huge volume of leads you were not prepared to handle earlier
Threats
Regulatory issues
High attrition rate of skilled resources
It belongs to the tool category – Data analysis
Where it is Used
Process Groups
This tool is used in the following Process Group(s) during the project management
Planning
Knowledge Areas
This tool is used in the following Knowledge Areas during the project management
Project Risk Mgmt.
Activities
This technique is used while performing the following project management activities by the project manager and the team
Identify Risks
Process Group | Knowledge Area | Activity |
Planning | Project Risk Mgmt. | Identify Risks |
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