SWOT analysis is a technique used in project management to evaluate the strengths, weaknesses, opportunities, and threats involved in a project. It is typically performed early in a project to identify risks and inform project planning. However, SWOT can also be used later if a project requires re-evaluation of its budget, schedule, or other factors. The analysis involves asking questions of stakeholders about various internal and external factors that could impact the project's success. Performing a thorough SWOT analysis provides valuable information to help managers plan projects and make important decisions.