Implementing SWOT
Abstract
This article is going to have focus on the SWOT Analysis. There will be an introduction to the SWOT and how to implement the tool. Furthermore, there will be a focus on the strenghts and weaknesses of the SWOT analysis which is something that is very beneficial and relevant when working with this tool. In relation to project management, the SWOT analysis can be applied in several different fields like research, strategy or marketing in both public and private organizations and companies.
Many companies apply SWOT to get an overview of the potential risks and the obstacles and difficulties there can be. The aforementioned can be for both internal and external problems and purposes. The abbreviation, SWOT, derives from Strengths, Weaknesses, Opportunities and Threats. So the main purpose of the SWOT is to be an analytical device for defining the four aforementioned factors in a specific organization or establishment.
Both the Weaknesses and strenghs can be viewed as internal factors which could be something like ressources or skills that the company possesses. Oppurtunities and threats are viewed as external factors where the company or organization's influence is mainly indirect, which is a correlation to it being called "external" factors or conditions.
Overall, SWOT is designed to give a fact-based and realistic look into an organization, project or any other initiative that is being set in motion. The result may not be a definite action plan but is a very good benchmark and indicator which can give a good point of orientation.
If the SWOT is used well and with a relatively broad base of both external and also internal input, it will lead to a strong analysis that qualifies and enhances the potential for all or parts of a an organizations projects or other initiatives.
