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Research Paper example - Quality tools in decision making

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College
Research Paper
Business
Pages 3 (753 words)
The tool is specifically used in analyzing the internal and exterior business environments of an organization. The concepts attempt to analyze the domestic strengths and challenges…

Extract of sample

Since it is an essential instrument in the prosperity of organizations, examination and analysis of its background, strengths and limitations besides applications and benefits are critical.
SWOT analysis originated from the research executed at Stanford Research Institute (SRI) from ‘60-‘70. The background to SWOT started from the need to establish why corporate forecasting failed. Fortune 500 companies sponsored the research to determine what could be done concerning this failure. The Research Team consisted of Marion Dosher and Dr Otis Benepe among others. It all commenced with the business-planning trend, which appeared originally at Du Pont in 1949. In ’60, each Fortune 500 business had a corporate forecasting manager or similar and organization of the extensive range corporate planners had emerged in both the US and the UK. However, a common opinion sprung in all of the companies that commercial planning in the shape of extended range planning was not operational, and was an expensive asset in futility. This was the period and stage when the organizations started to embrace this model in management planning (Dunne, Mard, Osborne, & Rigby, 2004).
Strengths and weaknesses are constituents of internal factors of a business and, therefore, form significant advantages to the planners in business. Strengths relate to the viable advantages and other unique competencies, which can be utilized by the company on the market. Weaknesses are the challenges, which delay the progress of a company in a certain trend. To function productively in this respect, the company must direct its future goals on its strengths, while avoiding tendencies connected to the weaknesses of the company (Houben, el at, 1999). The strengths of the criminal field can take different aspects such as highly experienced and qualified personnel who offer legal advises. Additionally, charging affordable fees for legal services can create an advantage over the rivals. Reasonable fees for ...
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