SWOT analysis in project management - Revision history

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	''Written by Baptiste REDON''		''Written by Baptiste REDON, March 2022''

	SWOT analysis is a common used tool in project management. It was developed by Harvard economists during the 1960s. This method is very powerful for all types of projects if it is applied correctly. Indeed, it is a strategic business analysis tool that combines the study of the strengths and weaknesses of a project with the opportunities and threats of its environment, in order to help define a development strategy. They are known as internal and external factors. <ref name="TOWS matrix"> H. Weihrich, ''The TOWS matrix - a tool for situational analysis'', Vol.15 (1982), J. Long Range Plan, pp. 54-66 </ref> <ref name="investopedia"> Will Kenton, ''Strength, Weakness, Opportunity, and Threat (SWOT) Analysis'', 2021, external link: [https://www.investopedia.com/terms/s/swot.asp] Retrieved March 22 2022 </ref>		SWOT analysis is a common used tool in project management. It was developed by Harvard economists during the 1960s. This method is very powerful for all types of projects if it is applied correctly. Indeed, it is a strategic business analysis tool that combines the study of the strengths and weaknesses of a project with the opportunities and threats of its environment, in order to help define a development strategy. They are known as internal and external factors. <ref name="TOWS matrix"> H. Weihrich, ''The TOWS matrix - a tool for situational analysis'', Vol.15 (1982), J. Long Range Plan, pp. 54-66 </ref> <ref name="investopedia"> Will Kenton, ''Strength, Weakness, Opportunity, and Threat (SWOT) Analysis'', 2021, external link: [https://www.investopedia.com/terms/s/swot.asp] Retrieved March 22 2022 </ref>

S212515 at 20:41, 22 March 2022

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			''Written by Baptiste REDON''

	SWOT analysis is a common used tool in project management. It was developed by Harvard economists during the 1960s. This method is very powerful for all types of projects if it is applied correctly. Indeed, it is a strategic business analysis tool that combines the study of the strengths and weaknesses of a project with the opportunities and threats of its environment, in order to help define a development strategy. They are known as internal and external factors. <ref name="TOWS matrix"> H. Weihrich, ''The TOWS matrix - a tool for situational analysis'', Vol.15 (1982), J. Long Range Plan, pp. 54-66 </ref> <ref name="investopedia"> Will Kenton, ''Strength, Weakness, Opportunity, and Threat (SWOT) Analysis'', 2021, external link: [https://www.investopedia.com/terms/s/swot.asp] Retrieved March 22 2022 </ref>		SWOT analysis is a common used tool in project management. It was developed by Harvard economists during the 1960s. This method is very powerful for all types of projects if it is applied correctly. Indeed, it is a strategic business analysis tool that combines the study of the strengths and weaknesses of a project with the opportunities and threats of its environment, in order to help define a development strategy. They are known as internal and external factors. <ref name="TOWS matrix"> H. Weihrich, ''The TOWS matrix - a tool for situational analysis'', Vol.15 (1982), J. Long Range Plan, pp. 54-66 </ref> <ref name="investopedia"> Will Kenton, ''Strength, Weakness, Opportunity, and Threat (SWOT) Analysis'', 2021, external link: [https://www.investopedia.com/terms/s/swot.asp] Retrieved March 22 2022 </ref>

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Annotated bibliography

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	== Annotated bibliography ==		== Annotated bibliography ==

	1. R. Watkins and D. Leigh, '''Handbook of Improving Performance in the Workplace: Selecting and Implementing Performance Interventions''', Vol. 2 (2010), Pfeiffer, pp. 115–140		1. '''R. Watkins and D. Leigh, ''Handbook of Improving Performance in the Workplace: Selecting and Implementing Performance Interventions'', Vol. 2 (2010), Pfeiffer, pp. 115–140'''

	The "Handbook of Improving Performance in the Workplace: Selecting and implementing Performance Interventions" written by Ryan Watkins and Leigh Doug is a book explaining how to improve organisational performances in companies. The theory of SWOT analysis and the are well described.		The "Handbook of Improving Performance in the Workplace: Selecting and implementing Performance Interventions" written by Ryan Watkins and Leigh Doug is a book explaining how to improve organisational performances in companies. The theory of SWOT analysis and the are well described.


	2. Subasgar Kumareswaran, '''A three-year marketing plan for the development of the Wolves brand in Sri Lanka''', pp. 4-8, 2019		2. '''Subasgar Kumareswaran, ''A three-year marketing plan for the development of the Wolves brand in Sri Lanka'', pp. 4-8, 2019'''

	“A three year marketing plan for the development of the Wolves brand in Sri Lanka” is the final assignment report of Subasgar Kumareswaran to the Master Degree of Business Administration at the University of Wolverhampton. In this report, he investigated to do a marketing plan to develop the visibility of the Sri Lankan Wolves, a student fan club. The first pages were providing this innovative SWOT analysis example used in this article.		“A three year marketing plan for the development of the Wolves brand in Sri Lanka” is the final assignment report of Subasgar Kumareswaran to the Master Degree of Business Administration at the University of Wolverhampton. In this report, he investigated to do a marketing plan to develop the visibility of the Sri Lankan Wolves, a student fan club. The first pages were providing this innovative SWOT analysis example used in this article.


	3. H. Weihrich, '''The TOWS matrix - a tool for situational analysis''', Vol.15 (1982), J. Long Range Plan, pp. 54-66		3. '''H. Weihrich, ''The TOWS matrix - a tool for situational analysis'', Vol.15 (1982), J. Long Range Plan, pp. 54-66'''

	« The TOWS matrix – a tool for situational analysis » by Heinz Weihrich is one of the first article to clearly define the SWOT analysis (TOWS and SWOT are the same) and how to use it in strategic planning. It is a core reference in this domain and it has been used in this article to explain the theory of the SWOT analysis.		« The TOWS matrix – a tool for situational analysis » by Heinz Weihrich is one of the first article to clearly define the SWOT analysis (TOWS and SWOT are the same) and how to use it in strategic planning. It is a core reference in this domain and it has been used in this article to explain the theory of the SWOT analysis.


	4. S. Ghazinoory, A. Esmail Zadeh and A. Memariani , '''Fuzzy SWOT analysis''', Vol.18 (2007), Journal of Intelligent & Fuzzy Systems, pp. 99–108		4. '''S. Ghazinoory, A. Esmail Zadeh and A. Memariani , ''Fuzzy SWOT analysis'', Vol.18 (2007), Journal of Intelligent & Fuzzy Systems, pp. 99–108'''

	The “Fuzzy SWOT analysis” written by S. Ghazinoory, A. Esmail Zadeh and A. Memariani is an article published in the Journal of Intelligent & Fuzzy Systems. This article tackles the defaults of the common used SWOT matrix in the industry and elaborates a potential solution using the fuzzy theory.


			The “Fuzzy SWOT analysis” written by S. Ghazinoory, A. Esmail Zadeh and A. Memariani is an article published in the Journal of Intelligent & Fuzzy Systems. This article tackles the defaults of the common used SWOT matrix in the industry and elaborates a potential solution using the fuzzy theory.

	== References ==		== References ==

	<references />		<references />

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	=== Matrix building ===		=== Matrix building ===

	Now that all of the factors had been identified, the next step is to build the matrix. It is shown in the figure 4.		Now that all of the factors had been identified, the next step is to build the matrix. It is shown in the figure 5.

	~~FIGURE~~		[[File:SWOT_wolves.png\|thumb\|center\|400px\|Figure 5: SWOT matrix for the Sri Lankan Wolves<ref name="Example">,</ref>]]

	== Limitations ==		== Limitations ==

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Analyzing the matrix

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	Before starting the analysis, you should take only the most important factors you found in the previous steps. Due to combination, the amount of factors is important and no more than 4 of each is generally good to conduct the analysis.		Before starting the analysis, you should take only the most important factors you found in the previous steps. Due to combination, the amount of factors is important and no more than 4 of each is generally good to conduct the analysis.
	Then, the analyze is made by combining both internal and external factors. There are four different combinations <ref name="TOWS matrix">,</ref> :		Then, the analyze is made by combining both internal and external factors. There are four different combinations <ref name="TOWS matrix">,</ref> : [[File:Combination_matrix.png‎\|thumb\|200px\|Figure 4: Combination matrix<ref name="TOWS matrix">,</ref>.]]
	* Strengths and Opportunities : use strengths to promote and to develop an opportunity.		* Strengths and Opportunities : use strengths to promote and to develop an opportunity.
	* Strengths and Threats : use strengths to avoid threats to happen or to minimize its potential effects		* Strengths and Threats : use strengths to avoid threats to happen or to minimize its potential effects
	* Weaknesses and Opportunities : exploit the opportunities to address weaknesses and improve the company		* Weaknesses and Opportunities : exploit the opportunities to address weaknesses and improve the company
	* Weaknesses and Threats : Address the weaknesses in order to avoid threats to happen and minimize its potential effects.		* Weaknesses and Threats : Address the weaknesses in order to avoid threats to happen and minimize its potential effects.

	~~[[File:Combination_matrix.png‎\|thumb\|200px\|Figure 4: Combination matrix<ref name="TOWS matrix">,</ref>.]]~~

	For each of those four combinations, you can build a matrix as shown as in the figure 4. The icon “+” means that you can combine the strength and the opportunity whereas a “0” indicates that it is not possible. In the example of figure 4, strength 1 can be used to promote opportunities 1, 2, 4, 5, 6, 7, 9 and 10. The same matrix can be made with the three other combinations. After that, there will be numerous possible actions and you need to choose which one you want to apply.		For each of those four combinations, you can build a matrix as shown as in the figure 4. The icon “+” means that you can combine the strength and the opportunity whereas a “0” indicates that it is not possible. In the example of figure 4, strength 1 can be used to promote opportunities 1, 2, 4, 5, 6, 7, 9 and 10. The same matrix can be made with the three other combinations. After that, there will be numerous possible actions and you need to choose which one you want to apply.

	By combining the internal and external factors, you get a better view of the project and you know where are the potential improvements to make. Usually, after matching the factors, you make evaluations to identify all the issues which will help in the future when it comes to the decision making process (last step of the project) <ref name="TOWS matrix">,</ref>.		By combining the internal and external factors, you get a better view of the project and you know where are the potential improvements to make. Usually, after matching the factors, you make evaluations to identify all the issues which will help in the future when it comes to the decision making process (last step of the project) <ref name="TOWS matrix">,</ref>.


	== Example : Development of a football fan club in Sri Lanka ==		== Example : Development of a football fan club in Sri Lanka ==

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	* Weaknesses and Opportunities : exploit the opportunities to address weaknesses and improve the company		* Weaknesses and Opportunities : exploit the opportunities to address weaknesses and improve the company
	* Weaknesses and Threats : Address the weaknesses in order to avoid threats to happen and minimize its potential effects.		* Weaknesses and Threats : Address the weaknesses in order to avoid threats to happen and minimize its potential effects.

			[[File:Combination_matrix.png‎\|thumb\|200px\|Figure 4: Combination matrix<ref name="TOWS matrix">,</ref>.]]

	For each of those four combinations, you can build a matrix as shown as in the figure 4. The icon “+” means that you can combine the strength and the opportunity whereas a “0” indicates that it is not possible. In the example of figure 4, strength 1 can be used to promote opportunities 1, 2, 4, 5, 6, 7, 9 and 10. The same matrix can be made with the three other combinations. After that, there will be numerous possible actions and you need to choose which one you want to apply.		For each of those four combinations, you can build a matrix as shown as in the figure 4. The icon “+” means that you can combine the strength and the opportunity whereas a “0” indicates that it is not possible. In the example of figure 4, strength 1 can be used to promote opportunities 1, 2, 4, 5, 6, 7, 9 and 10. The same matrix can be made with the three other combinations. After that, there will be numerous possible actions and you need to choose which one you want to apply.

	~~[[File:Combination_matrix.png‎\|thumb\|center\|200px\|Figure 4: Combination matrix<ref name="TOWS matrix">,</ref>.]]~~

	By combining the internal and external factors, you get a better view of the project and you know where are the potential improvements to make. Usually, after matching the factors, you make evaluations to identify all the issues which will help in the future when it comes to the decision making process (last step of the project) <ref name="TOWS matrix">,</ref>.		By combining the internal and external factors, you get a better view of the project and you know where are the potential improvements to make. Usually, after matching the factors, you make evaluations to identify all the issues which will help in the future when it comes to the decision making process (last step of the project) <ref name="TOWS matrix">,</ref>.

S212515 at 20:15, 22 March 2022

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	For each of those four combinations, you can build a matrix as shown as in the figure 4. The icon “+” means that you can combine the strength and the opportunity whereas a “0” indicates that it is not possible. In the example of figure 4, strength 1 can be used to promote opportunities 1, 2, 4, 5, 6, 7, 9 and 10. The same matrix can be made with the three other combinations. After that, there will be numerous possible actions and you need to choose which one you want to apply.		For each of those four combinations, you can build a matrix as shown as in the figure 4. The icon “+” means that you can combine the strength and the opportunity whereas a “0” indicates that it is not possible. In the example of figure 4, strength 1 can be used to promote opportunities 1, 2, 4, 5, 6, 7, 9 and 10. The same matrix can be made with the three other combinations. After that, there will be numerous possible actions and you need to choose which one you want to apply.

	~~FIGURE~~		[[File:Combination_matrix.png‎\|thumb\|center\|200px\|Figure 4: Combination matrix<ref name="TOWS matrix">,</ref>.]]

	By combining the internal and external factors, you get a better view of the project and you know where are the potential improvements to make. Usually, after matching the factors, you make evaluations to identify all the issues which will help in the future when it comes to the decision making process (last step of the project) <ref name="TOWS matrix">,</ref>.		By combining the internal and external factors, you get a better view of the project and you know where are the potential improvements to make. Usually, after matching the factors, you make evaluations to identify all the issues which will help in the future when it comes to the decision making process (last step of the project) <ref name="TOWS matrix">,</ref>.

S212515 at 20:12, 22 March 2022

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	When the assessment of the four factors are done, the next step is to build the matrix. Its shape is a 2 by 2 where each cell corresponds to one factor. A template is shown in figure 3. You can stop the SWOT analysis after building the matrix but it will be only a partial analysis. Many companies are using this tool just to enunciate the different factors and they are not combining it together. As a result, they get more a description than a real analysis. The main advantages of doing only a partial SWOT analysis are the gain in time and the fact that we assess only one factor at a time, leading to a better understanding of the context. However, a partial SWOT is not really an analysis as it forgets the last step.<ref name="TOWS matrix">,</ref>		When the assessment of the four factors are done, the next step is to build the matrix. Its shape is a 2 by 2 where each cell corresponds to one factor. A template is shown in figure 3. You can stop the SWOT analysis after building the matrix but it will be only a partial analysis. Many companies are using this tool just to enunciate the different factors and they are not combining it together. As a result, they get more a description than a real analysis. The main advantages of doing only a partial SWOT analysis are the gain in time and the fact that we assess only one factor at a time, leading to a better understanding of the context. However, a partial SWOT is not really an analysis as it forgets the last step.<ref name="TOWS matrix">,</ref>

			[[File:Figure_SWOT_partiel.png\|thumb\|center\|400px\|Figure 3: SWOT matrix shape (Own illustration)]]

	=== Analyzing the matrix ===		=== Analyzing the matrix ===

S212515 at 20:10, 22 March 2022

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	'''A tool for assessing external factors : PEST analysis '''		'''A tool for assessing external factors : PEST analysis '''

	[[File:PEST_analysis.png\|thumb\|~~200px~~\|Figure 2: PEST Analysis template<ref name="PEST Analysis">,</ref>]]		[[File:PEST_analysis.png\|thumb\|300px\|Figure 2: PEST Analysis template<ref name="PEST Analysis">,</ref>]]

	In order to assess those external factors, we can use the PEST analysis method. The goal of this tool is to identify potential external factors. Thus, it is very useful for the assessment of opportunities and threats in the SWOT analysis. PEST stands for Political, Economic, Social and Technological. PEST methods focuses on those four areas <ref name="PEST Analysis">,</ref> :		In order to assess those external factors, we can use the PEST analysis method. The goal of this tool is to identify potential external factors. Thus, it is very useful for the assessment of opportunities and threats in the SWOT analysis. PEST stands for Political, Economic, Social and Technological. PEST methods focuses on those four areas <ref name="PEST Analysis">,</ref> :

S212515 at 20:10, 22 March 2022

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	'''A tool for assessing external factors : PEST analysis '''		'''A tool for assessing external factors : PEST analysis '''

	[[File:PEST_analysis.png\|thumb\|200px\|Figure 2: PEST Analysis template<ref name="PEST Analysis">]]		[[File:PEST_analysis.png\|thumb\|200px\|Figure 2: PEST Analysis template<ref name="PEST Analysis">,</ref>]]

	In order to assess those external factors, we can use the PEST analysis method. The goal of this tool is to identify potential external factors. Thus, it is very useful for the assessment of opportunities and threats in the SWOT analysis. PEST stands for Political, Economic, Social and Technological. PEST methods focuses on those four areas <ref name="PEST Analysis">,</ref> :		In order to assess those external factors, we can use the PEST analysis method. The goal of this tool is to identify potential external factors. Thus, it is very useful for the assessment of opportunities and threats in the SWOT analysis. PEST stands for Political, Economic, Social and Technological. PEST methods focuses on those four areas <ref name="PEST Analysis">,</ref> :