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SWOT AnalysisSWOT Analysis is most commonly by business organizations before venturing into new projects, and it can also be very helpful in creating your personal development plan. So, what does SWOT stand for? S stands for Strengths Before starting any new project, a SWOT Analysis is done to assess the strengths, weaknesses, opportunities and threats of a particular objective. Analyzing the external and internal factors which are favorable and unfavorable for achieving a goal or project is done through this analysis. The credit goes to Albert Humphrey who derived this technique utilizing the data of 500 Fortune Companies in the years 1960s & 1970s. Using this type of analysis for your personal development plan you can identify the skills and knowledge that you already posses, which would be deemed as your strengths. Identifying any areas where you need help or improvement are your weaknesses. Your opportunities would be defined as chances to gain externally support (i.e. help from others) for your improvement. Similarly, there may be external challenges in your life that will stand in the way of your success and be considered threats to your development goals. If you want create and implement an effective personal development plan, you can see how a SWOT Analysis is very essential. Knowledge of your SWOT is important for planning and achieving your goals, because it plays an integral role in identifying the positive and negative factors of your objectives. This information ultimately helps you write the plan accordingly. After scrutinizing your analysis you must decide whether your goals will be successful and achievable. If you feel they are not attainable you can repeat the same process with new goals. You can also use this analysis for matching and converting. Matching meanings finding opportunities that correspond with your strengths. In converting, you take your threats and weaknesses and try to convert them into strengths and opportunities. The main aim of the analysis is for identifying the main external and internal factors which are essential for attaining your goals. Strengths and weaknesses are the internal factors. Threats and opportunities are the external factors or influences. By knowing your areas of SWOT you can write your personal development plan accordingly for your impending success.
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