What is SWOT Analysis? Useful tool for Project Managers

The video introduces SWOT analysis, a tool for assessing strengths, weaknesses, opportunities, and threats. It highlights its value in project management for risk assessment and team development. The importance of objectivity in SWOT is emphasized, and a new tool, Spectres, is introduced for future analysis, covering social, political, economic, commercial, technological, regulatory, environmental, and safety aspects.

What does SWOT analysis primarily assess?

• Future goals and aspirations

• Financial stability and growth

• Market trends and consumer behavior

• Present state and readiness for the future

In project management, how can SWOT analysis be particularly useful?

• For setting long-term organizational goals

• For evaluating employee performance

• For preparing for new projects and identifying risks

• For designing marketing strategies

What is a key criterion for effectively analyzing strengths and weaknesses in SWOT?

• Speed and efficiency

• Creativity and innovation

• Flexibility and adaptability

• Ruthless objectivity and honesty

What does the 'S' in the Spectres mnemonic stand for?

• Strategy

• Sustainability

• Security

• Social

Which aspect of the Spectres mnemonic deals with financial opportunities and threats?

• Political

• Economic

• Technological

• Commercial

What does the 'R' in the Spectres mnemonic represent?

• Revenue

• Research

• Resources

• Regulation

How does the Spectres mnemonic help in SWOT analysis?

• By offering a step-by-step guide to project management

• By simplifying the process of team building

• By providing a framework for financial analysis

• By identifying eight sources of opportunities and threats