In addition to evaluating the state internally, this method is also able to identify the external factors which could also make a difference to the success or failure of a project. By working through each of these points it is possible to identify any internal disadvantages or advantages which could benefit or hinder the outcome of a planned project. Sometimes SWOT is referred to as SLOT, where weaknesses are names as liabilities. Threats – External movements which may cause a problem and have a negative impact on your business.Opportunities – Current external trends which are waiting to be taken advantage of.Weaknesses – The disadvantages you have internally compared with your competitors.Strengths – The advantages you have over the competition concerning this project.SWOT, when broken down simply means analyzing the: Below is a brief introduction to both methods and a comparison of SWOT analysis and PEST analysis. SWOT analysis and PEST analysis are two of the most frequently used planning methods. There are some excellent strategic planning methods that you can use analyze all these factors. When planning a project it is important to learn about the internal and external factors that can affect the project.
