Understanding SWOT Analysis: A Strategic Planning Technique

A SWOT analysis is a strategic planning technique used to help organizations identify their internal strengths and weaknesses, as well as external opportunities and threats. It is often used to assess the current position of an organization and to inform decision-making about future strategy.

The acronym SWOT stands for:

S - Strengths: Internal factors that give the organization an advantage or competitive edge.

W - Weaknesses: Internal factors that place the organization at a disadvantage or limit its ability to achieve its goals.

O - Opportunities: External factors that could help the organization achieve its goals or objectives.

T - Threats: External factors that could negatively impact the organization's ability to achieve its goals or objectives.

Conducting a SWOT analysis involves examining each of these factors and identifying how they relate to the organization's current situation and future goals. The results of a SWOT analysis can be used to inform strategic planning, set priorities, and make decisions about resource allocation.