Welcome to SWOT Teacher! SWOT analysis is an essential analytical tool that Business Analysts utilize on daily basis.
Here you will learn the following:
1. Differentiate between Strengths, Weaknesses, Opportunities and Threats.
2. Identify each of the Strengths, Weaknesses, Opportunities & Threats of a given scenario in order to complete a SWOT table.
This is a short video to explain what the SWOT analysis is:
What is a SWOT Analysis?
The SWOT Analysis is an acronym for Strengths, Weaknesses, Threats and Opportunities Analysis. It is an enterprise level analysis technique of assessing an organization against these four dimensions. It ultimately drives decision making for changes and improvements to an organizations position in the market. It is important to note that the SWOT Analysis in itself sounds simple (and can be applied in a fairly straight forward way) but each dimension (Strengths, Weaknesses, Threats and Opportunities) has it’s own set of Techniques which can be applied to determine the outcome of each dimension.
When is the SWOT Analysis applied?
The SWOT Analysis is in most cases applied as an Enterprise Level Analysis activity outside of the Project Environment. This means it can occur at any stage when an organization, department or unit needs to re-assess their internal and external environment in order to re-establish direction and strategy.
This Business Analysis Technique can also be applied in other types of situations when it is important to assess a group, function or even individual people against these dimensions.
Why is the SWOT Analysis so popular?
The SWOT Analysis is so popular because it is a simple technique to apply in either a quick and straightforward way or in an in-depth analysis of an organization or situation. It is therefore versatile as an analysis technique. It is also a technique, which is applied across many different business areas and is not limited to being an exclusive Business Analysis Technique. This means a lot of people are very familiar with what this technique means and hence makes this technique even more popular.
Weaknesses are also internal facts about an organisation. However, weaknesses are perceived as negative facts rather than positive. Read the above picture to clarify what weaknesses are.
A good analyst also identifies all negative internal facts to address the Weaknesses successfully. An analyst gathers the internal facts about the organisation and lists them in the weaknesses section. The above picture is an example of weaknesses.