SWOT Analysis is one of the tools and techniques recommended in PMBOK/ PMP for the identification of risks in a project. It is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats to a project. SWOT Analysis can assist you in recognizing opportunities that you are well placed to exploit. It also helps the project manager in understanding the weaknesses of the project so that they can be managed to eliminate threats which otherwise would not have been foreseen/ identified.
As you can see, SWOT Analysis is a framework to identify strengths and weaknesses in a project. This is typically done in interactive groups, like brainstorming sessions, where people can discuss, assess, and elaborate on the identified SWOT elements and analyzing them in depth. It is also a method for maximizing the positive risks (opportunities) and minimizing the negative risks (threats). The analysis and deliberation are designed in such a way to identify avenues to take advantage of strengths and exploit opportunities, as well as minimize the impacts of weaknesses and protect the project against threats.
As you can see, SWOT Analysis is a framework to identify strengths and weaknesses in a project. This is typically done in interactive groups, like brainstorming sessions, where people can discuss, assess, and elaborate on the identified SWOT elements and analyzing them in depth. It is also a method for maximizing the positive risks (opportunities) and minimizing the negative risks (threats). The analysis and deliberation are designed in such a way to identify avenues to take advantage of strengths and exploit opportunities, as well as minimize the impacts of weaknesses and protect the project against threats.
Nice idea to used the strategic planning tool to evaluate the strengths, weaknesses, opportunities, and threats to a financial services firms. Their you take advantage of strengths and exploit opportunities and their values.
ReplyThanks for posting but, if you wouldn't mind some constructive feedback, seeing a mock example or real-world example of a "completed" SWOT is more useful. These types of instructional examples are available anywhere. Look forward to seeing a completed SWOT so we can all see what a completed one looks like.
Thanks Anonymous for your constructive feedback. Yes, I note your valid point. The purpose of this blog is mainly to help candidates in their preparation for PMP exam; that's why the content is mainly limited to focus on the exam.
But, I would try to add some real world examples in my future posts to make them useful for others also. Thanks.