What does SWOT analysis stand for?

SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. This framework is widely used in strategic planning and management to assess an organization's internal and external environments.

Strengths refer to the internal attributes and resources that support a successful outcome. Weaknesses are internal factors that might hinder progress or performance. Opportunities are external conditions that can be leveraged for growth or advantage, and Threats are external challenges that could pose risks to success.

Understanding these components is crucial for effective strategic planning, as it helps organizations identify where they can improve and how they can capitalize on favorable conditions while being aware of potential pitfalls. The specific combination of these elements in the recognized format of "Strengths, Weaknesses, Opportunities, Threats" is essential for the analysis to be accurate and actionable.