Key to success - SWOT analysis

Presented by:Amita Ojha Pooja Goswami

SWOT Analysis

It is a strategic planning tool which is used to identify and analyze the strengths, weaknesses, opportunities and threats involved in your project and events.

SWOT analysis is an analytical method, which is used to identify and categorise significant internal factors (i.e. strengths and weaknesses) and external factors (i.e. opportunities and threats) of an event organization faces.

Strengths:
These are the attributes of your project or event organization which are helpful in achieving events objectives. For e.g.: experienced event team, high motivation level, excellent PR, good market share etc. What are your advantages? What do you do well? What relevant resources do you have access to? What do other people see as your

Questions :
What are your advantages? What do you do well? What relevant resources do you have access to? What do other people see as your strengths?

Weaknesses:
These are those attributes of your project or event organization which are harmful in achieving project's objectives. For e.g.: social loafing, lack of funds, inexperienced event team, low energy level, lack of media and corporate contacts etc.

Questions:
What could you improve? What do you do badly? What should you avoid?

Opportunities:
These are those external factors which are helpful in achieving the project's objectives. For e.g.: little competition, favorable economic conditions, support from the local authorities, availability of the state of the art infrastructure etc.

Questions:
Where are the good opportunities in front of you? What are the interesting trends you are aware of? Useful opportunities can come from such things as: Changes in technology and markets on both a broad and narrow scale Changes in government policy related to your field Changes in social patterns, population profiles, lifestyles, etc.

Threats:
These are those external factors which are harmful in achieving the project's objectives. For e.g.: high competition, little or no support from local authorities, bad weather, poor infrastructure, high lab our rate, unavailability of raw material etc

Questions:
What obstacles do you face? What is your competition doing? Are the required specifications for your job, products or services changing? Is changing technology threatening your position? Do you have bad debt or cash-flow problems? Could any of your weaknesses seriously threaten your business?

A SWOT analysis depicts the internal strengths and weaknesses of a company, plan, event, etc, and indicates how these can be used to grasp external opportunities and to resolve any external threats.

PROS AND CONS OF SWOT ANALYSIS

PROS Its simplicity and its flexibility

Its implementation does not require technical knowledge and skills SWOT analysis allows the synthesis and integration of various types of information

CONS:

The length of the lists of factors that have to be taken into account in the analysis; Lack of prioritization of factors, there being no requirement for their classification and evaluation; No suggestions for solving disagreements; No obligation to verify statements or aspects based on the data or the analysis; Analysis only at a single level (not multi-level analysis); No rational correlation with the implementation phases of the exercise