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Quality Tools in Decision Making - Research Paper Example
Author : marielle19
Pages 3 (753 words)
Quality Tools in Decision Making Name: Institution Introduction SWOT analysis system is a device for strategic scheduling in small and middle-sized firms. The tool is specifically used in analyzing the internal and exterior business environments of an organization…
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. Background of the tool 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 Strengths and weaknesses are constituents of internal factors of a business and, therefore, form significant advantages to the planners in business. ...