This article is written by Ms. Namita Acharya on behalf of this website. She is a MBA student at Morgan State University”
SWOT analysis is the one of the most popular tools that is used in every business organization to understand the various environmental factors that can influence a business. Since project is also a small organization that is executed to achieve some pre-determined objectives with the constraints of time and budget and in the mean time exposed to fluctuating trend of various factors that can really impact the expected result with the achieved result.
Most of us are familiar with the SWOT analysis technique as most of the business study covers this particular technique as one of the most important tools. In this article, though, I want to share the usability of SWOT in project management. Basically, the monitoring and controlling phase of project management is more focused on this particular technique to analyse the risk and evaluate the uncertainty that the organization is facing or could face in the future.
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STRENGTH: First of all, it is important to list out the major positive factors that the organisation possesses. We should be ready to face every challenge and in order to win the battle; we should be ready with the solutions that can possibly help us to win the race. Strength is the internal organizational solution to deal with all the uncertainties that is used for creating benefits to the organization.
WEAKNESSES: when we list out our strength, it rational to analyse the weaknesses. Doing so, we can overcome it before anything unexpected happens. We can identify the weaknesses and evaluate and work on it to reduce its influence. Sometimes, it is controllable to some extent but sensitive in nature to deal with.
OPPORTUNITIES: There are some external factors that can actually give the platform for new opportunities, and to make a progressive achievement. It is a bonus situation of getting benefit to develop and organize with highest probable situation.
THREATS: It is obvious that depending on the situation, external factors can invite threats which could be a challenging situation that can heavily distract situation and achievable objectives towards the opposite result. Undesirable and out of control situation is in fact risky and complex situation for project organization.
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S, O: If there is the situation of strength and opportunities, it is better to exploit the opportunities with strength so that we can grasp it with maximum utilization of the available resources.
W, O: If there is the situation of weakness and opportunities, then it is better to search for the opportunity to create some favourable advantage towards the project by overcoming weakness.
S, T: In order to deal with the threats with the available strength is to face with no worries and try to win the situation with better result. So, it is better to confront the situation.
W, T: It is the situation which is quite critical to the project, in which it’s better to avoid the situation and to rest the case.