Final answer:
A SWOT analysis is a planning tool used to identify the internal and external factors key to achieving project objectives by assessing strengths, weaknesses, opportunities, and threats.
Step-by-step explanation:
A planning tool used to identify internal and external factors within an organization or project that are key to achieving project objectives is known as a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This tool helps in gathering information from customers and other stakeholders, finding expert information, and doing a root cause analysis to clarify the actual issues at hand. Recognizing these factors allows an organization to develop strategies to utilize strengths and opportunities, while addressing weaknesses and preparing for potential threats. This process is particularly important in the marketplace as it supports informed decision-making.
To utilize a SWOT analysis effectively, one must first Analyse the problem and identify what information is given. Throughout this process, certain personal factors and external factors can impact your career path and planning. Strategic planning involves identifying the knowns and unknowns and determining what steps to take for problem resolution. Ultimately, it aligns with setting achievable and appropriate goals and establishing criteria for growth.