How to reference swot analysis albert humphrey

Benchmark Assignment—SWOT Analysis

Use the SWOT Analysis worksheet provided to complete this assignment.

Review the SWOT Analysis PowerPoint® presentation prior to completing this assignment.

Based on the review of the Stevens District Hospital strategic planning scenario, conduct a SWOT analysis to generate a list of perceived strengths, weaknesses, opportunities, and threats for the hospital.

Strengths and weaknesses are traits internal to the hospital (i.e., strong physician loyalty to hospital, aging building, and availability of financial resources).
Opportunities and threats are external to the hospital, such as a mall facility available for lease or a competitor hospital opening two physician practices in your market.
Write a 700- to 1,050-word analysis that incorporates the key components of a SWOT analysis for the scenario described in Week One to generate a list of perceived strengths, weaknesses, opportunities, and threats. The analysis will include the following:

Analyze the purpose of conducting the analysis in the context of the scenario.
Analyze the limitations and advantages of conducting a SWOT analysis on your own (vs. with a group of stakeholders).
Use the table provided to record your analysis of the information from the strategic planning scenario and generate two factors for each of the SWOT categories (strengths, weaknesses, opportunities, and threats).
Cite at least 1 peer-reviewed, scholarly, or similar references to support your assignment.

SWOT Analysis

Click on the speaker symbol on each slide

To hear the presentation

Welcome to this session on SWOT analysis.

As part of this week’s discussion on strategic planning we will review the purpose, process and application of SWOT analysis.

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What is SWOT Analysis

Stands for Strengths, Weaknesses, Opportunities and Threats

A tool to identify and summarize strengths, weaknesses, opportunities and threats of a strategic environment

Tool credited to Albert Humphrey, who led a research project at Stanford University in the 1960’s

Divides factors into internal and external factors and positive and negative influences

( Morrison, 2012)

The acronym SWOT stands for strengths, weaknesses, opportunities and threats and is used to identify and summarize these traits of a business environment. In our specific application you will be evaluating these traits in relation to a hospital and it’s community environment.

This tool is credited originally to Albert Humphrey who was a researcher in the 1960’s at Stanford University. His team used this tool to focus their thinking on the most important factors that affected their environment.

These four characteristics of strengths, weaknesses, opportunities and threats and divided in to internal/external factors and positive and negative influences.

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Both strengths and weaknesses are considered factors internal to the organization. Internal factors can be controlled by the business. For example, what do we do well or where do we excel, and where could we improve?

Opportunities and threats are external to the organization and are factors outside of the control of the organization. For example, a prime location to expand business has now become available in the community, or a competitor has added a new service line of business to their organization. While we can react to the opportunity and threat, we cannot control it.

From a different perspective, strengths and opportunities are both positive factors to be considered, while weaknesses and threats are negative factors to address.

To summarize:

Strengths are internal attributes and resources that support a successful outcome.

Weaknesses are internal attributes and resources that work against a successful outcome.

Opportunities are external factors the project can capitalize on or use to its advantage.

Threats are external factors that could jeopardize success

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Strengths

Positive tangible and intangible attributes, internal to the organization

Includes capabilities of the organization, staff competencies, financial resources, products and services, goodwill and brand loyalty

Characteristics of the business that give it an advantage over others in the industry

Examples: brand name, high quality scores, employee loyalty, strong physician network

Now let us look in detail at each facet of this analysis.

Strengths are positive tangible and intangible attributes, internal to the organization

Strengths could includes capabilities of the organization, staff competencies, financial resources, products and services, goodwill and brand loyalty. Goodwill of an organization is the reputation and perception about the organization within the community.

Strengths are characteristics of the business that give it an advantage over others in the industry.

Examples of these strengths might include: brand name, high quality scores, employee loyalty, or a strong physician network

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Weaknesses

Any characteristic that is a disadvantage compared to others in the industry

Characteristic or factor that does not meet the standard they should meet

Detract from the ability to reach goals and influence growth

Examples: Limited financial resources, lower quality scores, lower patient perception of care, narrow physician network, aging equipment, weak market image

Weaknesses of an organization are any characteristic that is a disadvantage compared to others in the industry.

Weaknesses could include factors that do not meet the standard they should meet or detract from the ability to reach goals and influence growth

Examples of weaknesses could include limited financial resources, lower quality scores, lower patient perception of care, narrow physician network, aging equipment, or a weak market image.

A strategic plan should create goals and actions that address these weaknesses and work to correct them.

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Opportunities

External attractive factors

Market, competition, technology or industry factors that could be leveraged as a positive growth factor for the organization

Examples: Financial boom for area, growth in market, new industries in region that would supplement business, specialized physician group opening in region

Opportunities are external attractive factors in the competitive market.

These are market, competition, technology or industry factors that could be leveraged as a positive growth factor for the organization

Examples of opportunities could include financial boom for the area, growth in the market, new industries in the region that would supplement business, or a specialized physician group opening in the region

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Threats

External factors that would cause a problem for the business and place the operation at risk

Any factor that puts the profitability of the organization at risk

Examples: New competitors in the market, changes in governmental regulations, regional economic downturn

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Threats are external factors that would cause a problem for the business and place the operation at risk

Any factor that puts the profitability of the organization at risk must be addressed in the strategic plan.

Examples of threats might include new competitors in the market, changes in governmental regulations, or regional economic downturn.

Note that threats cannot always be eliminated in a strategic plan but must at least be identified so all stakeholders are aware that the threat exists.

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How do we conduct a SWOT analysis?

Determine the why – what is the purpose of the analysis

Determine the who – who are the stakeholders that should be involved

Determine the how – Research and information gathering

Determine the where – a non-threatening environment

Compile your list, refine and carry forward in to the strategic planning process

Given these four factors, how do we conduct a SWOT analysis?

First we must have a clear vision of why we are performing the analysis. This vision will guide us in determining who will be involved and how information will be gathered.

The next step is to determine who will be involved. If this plan is for one smaller unit of an organization, such as a department, staff and management of that department would be included, and possibly some stakeholders from other areas. If the plan is for an entire organization such as a hospital, stakeholders from each group, such as the governing board, administration, medical staff and department managers might be included.

Information will need to be gathered to provide the stakeholders background on the organization and current level of performance. This might include financial statements, quality measures, competitive market data and current levels of technology.

You as the facilitator of this process would want to determine a comfortable, non-threatening environment where stakeholders could feel relaxed and engaged.

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After you have your list

A free form listing of thoughts of strengths, weaknesses, opportunities and threats will be compiled based on brainstorming

This listing must be sorted and items given some priority

Each section should be prioritized and limited to the top four or five factors

The factors in each section can then be used to determine your goals and objectives and the action steps to reach those goals

There are many brainstorming models and tools available to use in this process. Once a brainstormed listing of factors is identified, the team will need to narrow and refine the listing and then use that listing of factors in the remaining steps of the strategic planning process.

The list would be sorted and prioritized to limit the listing to the top four or five factors in each category.

The factors in each section can then be used to determine your goals and objectives and the action steps to reach those goals

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Thank you

I hope you have found this discussion of SWOT analysis beneficial.

To apply this information, review the material provided about your organization and begin brainstorming factors based on that information that would fit in a list of strengths, weaknesses, opportunities and threats. After you have completed your list, narrow your focus to the top four or five factors in each category and use this information to help develop your goals for the coming year in the strategic plan.

Do not hesitate to contact your course facilitator if you have any questions. Thank you for your participation.

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Reference

Morrison, M. (2012). History of the SWOT analysis. Retrieved from https://rapidbi.com/history-of-the-swot-analysis/