A SWOT analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a business or project. It involves specifying an objective and identifying internal and external factors that are favorable and unfavorable to achieving that objective. Originating in the 1960s, a SWOT analysis breaks down into an examination of strengths, weaknesses, opportunities, and threats to understand how these help or hinder achieving the objective.
1. A SWOT analysis (alternatively SWOT matrix) is a structured
planning method used to evaluate the strengths, weaknesses,
opportunities and threats involved in a project or in a business
venture. A SWOT analysis can be carried out for a product, place,
industry or person. It involves specifying the objective of the business
venture or project and identifying the internal and external factors
that are favorable and unfavorable to achieve that objective. Some
authors credit SWOT to Albert Humphrey, who led a convention at
the Stanford Research Institute (now SRI International) in the 1960s
and 1970s using data from Fortune 500 companies.[1][2] However,
Humphrey himself does not claim the creation of SWOT, and the
origins remain obscure. The degree to which the internal
environment of the firm matches with the external environment is
expressed by the concept of strategic fit.
P.P.ACHARYA
2. SWOT
Strengths: characteristics of the business or project
that give it an advantage over others.
Weaknesses: characteristics that place the business or
project at a disadvantage relative to others.
Opportunities: elements that the project could exploit
to its advantage.
Threats: elements in the environment that could cause
trouble for the business or project.
4. ABOUT SWOT
So it is said that if you know your enemies and know
yourself, you can win a hundred battles without a
single loss. If you only know yourself, but not your
opponent, you may win or may lose. If you know
neither yourself nor your enemy, you will always
endanger yourself.
The Art of War by Sun Tzu
5. ADVANTAGES OF SWOT
A SWOT analysis can be used to:
Explore new solutions to problems [10]
Identify barriers that will limit goals/objectives [10]
Decide on direction that will be most effective [10]
Reveal possibilities and limitations for change[10]
To revise plans to best navigate systems, communities, and
organizations
As a brainstorming and recording device as a means of
communication[14]
To enhance “credibility of interpretation” to be utilized in
presentation to leaders or key supporters.[11]