SWOT Analysis
Purpose
SWOT, which stands for Strength, Weakness, Opportunities, and Threat, is an analysis to evaluate a project, a process, or an entire organization. It ensures that the project, process, or organization remains updated with external opportunities and risks. For instance, it helps the organization:
Define the internal strengths to be further maintained or developed.
Define the internal weaknesses to be adapted or addressed.
Define the external opportunities that the organization can leverage.
Define the external threats that the organization can be prepared for or find ways to minimize the risks.
The SWOT analysis can be developed after deciding on the project/organization’s objectives or before finalizing a strategy. The SWOT analysis should be revisited whenever changes occur in the environment, such as changes in legislation, policies, and the organizations’ objectives.