Question

What is the meaning of SWOT?

Give an example of how you would use this decision-making tool

Answer 1

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths and weaknesses are internal factors —things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location.

Opportunities and threats are external factors. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples include competitors, prices of raw materials, and customer shopping trends.

For eg.

The first step is to look at your strengths and figure out how you can use those strengths to take advantage of your opportunities. Then, look at how your strengths can combat the threats you already have. Use this analysis to produce a list of actions that you can take.

With your action list in hand, look at your time limit and start placing goals (or milestones) on it. What do you want to accomplish in each calendar quarter (or month) moving forward?

You’ll also want to do this by analyzing how external opportunities might help you combat your own, internal weaknesses. You should also minimize those weaknesses so you can avoid the threats that you identified.

How to do a SWOT analysis.

1. Determine the objective. Decide on a key project or strategy to analyze and place it at the top of the page.
2. Create a grid. Draw a large square and then divide it into four smaller squares.
3. Label each box. ...
4. Add strengths and weaknesses. ...
5. Draw conclusions..

For example to choose between two career oppurtunities. Staying at home town or going abroad for work.

Draw a grid listing strength and weakness, analyze and conclude. Strength of staying of home town. Can meet family and friends. Have good support, can attend all family functions. Weakness of staying in hometown less paid jobs, no financial growth.

Strength of going abroad. Financial security. Higher paid jobs. Good education for children.

Weakness of going abroad. Can't meet family often.

Now analyze the priorities and make choice.