SWOT Analysis
The SWOT technique is based on a Stanford University study from the 1960s which analyzed data from Fortune 400 companies. The study found a 35% discrepancy between the companies objective and what was actually inplemented. The problem was not that the employees were incompetent but that the objectives were too ambiguous. Many employees didn't even know why they were doing what they were doing. SWOT help those involved in a project to gain a clearer understanding of it.
SWOT Analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project, business venture, or any other situation requiring a decision.
How It Works:
Strengths
Internal factors that give an advantage over others
Weaknesses
Internal factors that place the business at a disadvantage
Opportunities
External factors that could be advantageous
Threats
External factors that could cause trouble