Swot Analysis : Risk Identification Techniques

The SWOT analysis is commonly known as a tool for business analysis. Its main use is for looking at strengths and weaknesses to do with the organisation, current or future opportunities and possible internal and external threats. These can then be dealt with to make them into a positive.

The purpose of a risk assessment (RA) is to identify the entire organization’s risks and quantify the

SWOT Analysis SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework helps to focus activities into areas where the business are strong and where the greatest opportunities lie. Strengths: * What advantages do you have?

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

A SWOT analysis is an evaluation of the business environment and organizational strategic capability to identify key issues that may impact strategy development (Ireland, R., Hoskisson & Hitt, 2008). Strengths and weaknesses define a firm’s internal environment whereas opportunities and threats constitute the external environment.

SWOT analysis provides a structure for analyzing either your own strengths and weaknesses, and the opportunities and threats you face, or in a work context for analyzing the strengths, weaknesses, opportunities and threats a business or event faces. Ideally it is one step in a process which helps you to

SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that the company face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you will giving you the opportunity to ward off possible threats from external sources.

Swot analysis refers to the strength, weaknesses, opportunities and the threats that a business faces. Every company has its strengths, weaknesses, opportunities and threats that it faces.

Proper survey and the complete scenario is taken into consideration about risks in the organization which enables the proper risk assessment. Potential of each threat or risk is evaluated and graded in order to reduce the impact of the risks or reduced the probability of its occurrence.

SWOT analysis helps you decide your position against your competitors, identifies best future opportunities, and highlight current and future threats. SWOT analysis is an acronym for Strength, Weakness, Opportunity and Threat. Strengths and weaknesses are internal factors that you have within your business on which you have full control whereas opportunities and threats are external factors on which you have no control.

SWOT analysis covers the strengths, weaknesses, opportunities & threats which a company is facing in its internal & external environment. Strengths & weaknesses fall under the internal environment of the company and opportunities & threats fall under the

SWOT analysis is a useful tool for understanding and decision-making for all sorts of situations in business and organization. SWOT analysis can be classified into internal and external factors affecting a company. The Strengths and Weaknesses of the SWOT analysis represent the internal factors that influence the viability of the company. While the Opportunities and Threats, on the other hand, are the external factors that may affect the company's performances. A SWOT analysis provides more understanding of the organization in relation to its internal and external environment so that manager can formulate better strategy in pursuit of its mission.

SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieving that objective. The technique is credited to Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.[1]

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

The first important part of a SWOT analysis is to improve the viability of an organization. SWOT identifies the risk which can arise from future threats coupled with the organization weakness. For example, a pharma company ABC has invested heavily in R& D of existing product where a new competitor is also entering with same product. Then company ABC has to decide whether it is strategically important to deal with external threat or improve the internal weakness. Company ABC can continue the R & D progress to improve the quality of existing product or else can diversify the resource to offer the product at less cost i.e. improving its efficiency. So, SWOT plays an important role in such situation and proves to be a beneficial tool to take appropriate decision of improving the weakness