SWOT ANALYSIS
A SWOT is a planning tool used to understand the Strengths, Weaknesses, Opportunities, and Threats. It involves specifying the objective of the business or project or individual and identifying the internal and external factors that are supportive or unfavourable to achieving that objective.
SWOT is an acronym for Strengths, Weaknesses, Opportunities, Threats.
A SWOT analysis generates information that is helpful in matching an organization or group’s goals, programs, and a capacity to the social environment in which it operates
Strengths
• Positive tangible and intangible attributes, internal to an organization.
• They are within the organization’s control.
Weakness
• Factors that are within an organization’s control that detract from its ability to attain the desired goal.
• Which areas might the organization improve?
Opportunities
• External attractive factors that represent the reason for an organization to exist and develop.
• What opportunities exist in the environment, which will propel the organization?
• Identify them by their “time frames”
Threats
• External factors, beyond an organization’s control, which could place the organization mission or operation at risk.
• The organization may benefit by having contingency plans to address them if they should occur.
• Classify them by their “seriousness” and “probability of occurrence”.
Changes in the global environment are radical and far reaching and the capacity to learn faster is the only source for sustaining competitive advantage.
The dictum, “Know thyself, own change thyself” has become the cornerstone of managerial effectiveness. Learning implies awareness of the job, one’s current position, personal strengths and limitations , and development needs. Knowing oneself is not enough. Learning about self must be translated into action for change. Consequently ,change in self leads to managing the external reality.
Managers need to continuously upgrade their knowledge and skills in technical, environmental and leadership areas. They need to examine their values , style and typical behaviours and assess the extent to which these are facilitating them both in their professional lives and personal lives.
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