Albert Humphrey SWOT analysis Essay
A SWOT analysis (alternatively SWOT matrix) is a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
Some authors credit SWOT to Albert Humphrey, who led a convention at the Stanford Research Institute (now SIR International) in the sass and asses using data from Fortune 500 However, Humphrey himself does not claim the creation of SOOT, and the origins remain obscure. The degree to which the internal environment of the firm matches with the external environment is expressed by the concept of strategic fit.
Strengths: characteristics of the business or project that give it an advantage over others. Weaknesses: characteristics that place the business or project at a disadvantage relative to others Opportunities: elements that the project could exploit to its advantage Threats: elements in the environment that could cause trouble for the business or project Identification of SCOTS is important because they can inform later steps in planning
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First, the decision makers should consider whether the objective is attainable, given the SCOTS. If the objective is not attainable a different objective must be selected and the process repeated. Users of SOOT analysis need to ask and answer questions that generate meaningful information for each category (strengths, weaknesses, opportunities, and threats) to make the analysis useful and find their competitive advantage. Soot analysis By assessed