SWOT analysis in project management
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== The theory of SWOT Analysis == | == The theory of SWOT Analysis == | ||
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Revision as of 21:36, 21 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.3,6
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. These are the four key areas to be identified and assessed in order to develop an efficient business or project. The SWOT analysis usually ends up by building a matrix 2 by 2 where each cells corresponds to an area. Other tools such as the PEST method 5 could be associated with the SWOT analysis in order to have a broader view of the assessment of threats and opportunities.
In this Wiki article, you will find information on how to use this powerful tool in project management and under what circumstances as well as an example to show how to use the SWOT analysis in an efficient way.
