Definition of the technique
- SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.
- SWOT Analysis is often visualized using a SWOT Matrix
When do you use the technique?
- You should perform a SWOT analysis when you are conducting your enterprise analysis. This phase is described in chapter 2 of the Business Analysis Body of Knowledge. A SWOT analysis helps you to assess the capability gaps of the firm/project.
Why do you use the technique?
- You should perform a SWOT analysis to determine the current state of the organization and the environment. This allows you to more accurately evaluate possible solutions and incorporate external factors when deciding upon a final solution.
- You can also perform a Personal SWOT Analysis to help you during your job search.
How do you perform the technique?
- Gather the team together
- Brainstorm on the topic at hand (ensure that you focus on all 4 quadrants)
- Document all findings in the SWOT Analysis Matrix
- Validate all findings
- Brainstorm on solutions that leverage the strengths and opportunities while offsetting weaknesses.