If you are a project manager, you need to know about SWOT analysis and how to conduct them. Why? Because a SWOT analysis will help you assess your organization’s current position, and to find out what’s working well, and what could be improved before you dive into a new strategy.
SWOT stands for strengths, weaknesses, opportunities, and threats. It’s a strategic planning technique that project managers use to help them analyze their projects' strengths and weaknesses, as well as to analyze and review any opportunities and threats they may face in the upcoming future.
This popular technique allows project managers to identify areas that need improvement and to select the right methodology for work, which can benefit a company by gaining a better understanding of what areas they should focus on, as well as identify how likely they are at succeeding at a given project.
Conducting a SWOT analysis can help you improve your project planning process, reduce project risk, as well as to increase the likelihood of your project being successful. By identifying the strengths, the weaknesses, opportunities, and threats a project may pose, you will be mitigating the risks associated with tasks, and providing a solid ground for your entire project before the action even starts. In other words, a SWOT analysis can turn you into a better project manager by optimizing your work. Your team will also benefit from this technique because they will have a more solid project plan, and they will have knowledge of any possible risks.
Strength: Team’s expertise on a certain subject.
Weakness: Does the company have enough resources to provide contingency funding?
Opportunity: Can this project help in different areas of the business in the short or long term?
Threat: Has the technology or the software selected for the project been tested?
SWOT analysis are a powerful tool that every project manager should consider using mainly because they allow you to focus on the strengths and to consider factors before they become issues that may very well hinder the success of your project. Simply put, the purpose of a SWOT analysis is to identify the most important things that you should monitor during the project. They’re also cost-effective and they help teams to produce new ideas by brainstorming and analyzing a project plan.
Analyzing information is only effective when the right information is collected. With this in mind, we’ve gathered the most relevant factors a project manager should consider when gathering the information to conduct a successful SWOT analysis.
When it comes to managing projects, you need to be on top of everything. Conducting a SWOT analysis helps to lay it all out on the line easily and effectively. This way, you can visualize the most important details about your project. But, as you may already know, keeping track of hundreds of different details can be exhausting, which is why combining SWOT analysis with a project management software can be a powerful combination for project managers. By keeping information centralized, you can quickly store, update, and share important details about your project with team members and stakeholders alike.
By using a project management software like Instagantt, you can keep track of your analysis, and maintain a dashboard with the most relevant information regarding your projects, such as the strengths, weaknesses, opportunities, and threats you previously identified. Instagantt is a simple yet effective way to keep your team together and focused on the work that needs to get done. Discover how this tool can help you improve your project management skills and performance.