Reference no: EM133044032

When considering  The SWOT Analysis what I surmise is what SWOT means or what it stands for:  S-Strengths, W_Weaknesses,  O-Opportunities, and   T-Threats.  The SWOT Analysis is nothing more than an extensive examination of the company as a whole; it analyzes the company from different perspectives and presents a clear position of the company that can assist in making different decisions.  SWOT analysis can be used in the following ways:  Strength: It signifies the organization's strengths, such as its infrastructure or resources. Weak point: It shows which areas of the organization need to be improved and where efforts need to be made, such as customer service. Opportunities suggest untapped areas in which the organization can profit. Dangers: A company needs to understand business criteria that can be a hindrance to its operations. The advantages of SWOT analysis are that the business can better prepare for catastrophes and take advantage of the existing resources to increase profits. The downsides of SWOT analysis are that it can cause panic for no factor at times, and the specifications are constantly altering, which can diminish the efforts made.

When comparing the two I find that The Fishbone Analysis provides a more comprehensive clearer overall view or picture. It not only informs you about the business's strengths, but it likewise tells you about the locations where the company falls short.

You are right, the SWOT method helps companies better prepare for unexpected outside factors affecting the industry.

This analysis is pretty simple, and an individual or a small team within the company can do it so there would be no need to hire a third party, which means it is a cost-effective way to push a company forward.

I know you said that you prefer the Fishbone analysis, however, it can not replace the SWOT analysis. The Fishbone Analysis categorizes potential causes and finds the root of a specific problem whereas the SWOT analysis goal is to aid organizations in increasing awareness of specific factors in making any business decisions.

QUESTION TO ADDRESS WITH EXPLANATION AND JUSTIFICATION OF THE EXAMPLE.

1.  Can you think of an example where you would suggest doing the Fishbone analysis right after the SWOT?