The SWOT Analysis is one of the project management tools and techniques used in the Identify Risks process. This tool analyzes the strengths, weaknesses, opportunities, and threats – thus the acronym SWOT – of the project, organization, and option.
This tool is used to increase the extent of the identified risks by including those that are generated internally. To do the SWOT analysis, project managers need to identify the strengths, as well as weaknesses of the organization before the opportunities and threats, are identified. It also examines the degree which the organizational strength may counterbalance the threats and also identify the opportunities that can overcome the weaknesses of the project.
The SWOT analysis is one of the many project management tools that are used by project managers in decision-making. It is usually performed during the initial phase of the project. The elements generated by the analysis are used as the basis to create the project plan. However, they can also be used later in the project life cycle especially if there are difficulties involved with the budget, deliverable, and scheduling. This tool can be used to bring back the problematic project back on track.