Example of ife matrix

Develop both an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix for a chosen organization, and write an analysis of the pros and cons and applications for use of each of these analytical tools.

An EFE matrix summarizes the results of an external audit. Using an IFE matrix to identify and prioritize internal factors fosters communication across functions and allows functional employees to articulate their concerns about the organization's business condition. An EFE matrix, an IFE matrix, and a SWOT analysis, which identifies the internal strengths and weaknesses and the external opportunities and threats to an organization, are often completed together.

RESOURCES:

Attached EFE And IFE Matrixes

Yahoo! finance. (2013). Retrieved from http://finance.yahoo.com/

David, F. R. (2014). Strategic management: A competitive advantage approach, concepts & cases (15th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

INSTRUCTIONS:

Preparation

Select an organization for which to create an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix. Ideally, the company you choose will be a familiar one and one to which you have easy access, such as your place of employment or a company close to where you live. You may use the same organization for other assessments in this course.

EFE Matrix and IFE Matrix

Complete the following:

Using the EFE Matrix Template linked in the Resources under the Required Resources heading, record the external factors, weights, ratings, and total weighted scores for your chosen organization. Once you complete the table in the template, discuss the pros and cons and applications for use of this analytical tool. You may record the written portion of the assessment in the template document, or you may create a separate document.

Using the IFE Matrix Template linked in the Resources under the Required Resources heading, record the internal factors, weights, ratings, and total weighted scores for your chosen organization. Once you complete your IFE matrix table, discuss the pros and cons and applications for use of this analytical tool for the organization. In addition, propose strategies that address the following. You may record the written portion of the assessment in the template, or you may create a separate document.