Quick Definition:
SWOT Analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
The 4 Quadrants of SWOT
- Strengths (Internal): What does the project team do well? What unique resources do we have?
- Weaknesses (Internal): Where do we need to improve? What resources are we lacking?
- Opportunities (External): What external trends can we take advantage of? What are our competitors doing poorly?
- Threats (External): What external factors could harm the project? What obstacles do we face?
Why Use It?
SWOT analysis helps PMs build on their strengths, address their weaknesses, seize opportunities, and mitigate threats, leading to a more robust project strategy.
