From the course: Leading Projects
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How to conduct a SWOT strategic analysis
From the course: Leading Projects
How to conduct a SWOT strategic analysis
- Investigating the strategic aspects of a possible solution often boils down to analyzing just four things, the strengths, weaknesses, opportunities, and threats. In this video, we'll use a simple, but powerful tool called SWOT analysis to look at these four elements. Performing a SWOT analysis before making a choice can help you understand the trade-offs you need to consider. A SWOT analysis is a two-by-two grid, so there are four boxes. In one box, you list the key strengths for the proposal. In the next boxes, you list the weaknesses, the opportunities, and the threats. It may sound easy, but it's not. Nevertheless, taking the time to do a SWOT analysis can really help teams dig into the strategic issues and improve everyone's understanding of the options. Let's look at the sort of questions a project leader might ask for each quadrant. What are the strengths of a particular option? Does it solve the problem? Is it…
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