Final answer:
The correct option is (4). A SOAR analysis is an alternative to the traditional SWOT analysis that focuses on strengths, opportunities, aspirations, and results, but does not include risks. It has strengths in its emphasis on strengths and aspirations, and limitations in its potential oversight of risks.
Step-by-step explanation:
A SOAR analysis is an alternative to the traditional SWOT analysis that focuses on an organization's strengths, opportunities, aspirations, and results. In contrast to SWOT, SOAR does not include a specific element for risks. Instead, it emphasizes a more positive and proactive approach to strategic planning.
The strengths of using a SOAR analysis include its emphasis on strengths and aspirations, which can help organizations identify their unique advantages and set lofty goals for the future. Additionally, by omitting risks, the analysis allows for a more focused and optimistic perspective. However, one of the limitations of the SOAR analysis is the potential oversight of potential risks and threats. By not explicitly addressing risks, organizations may fail to adequately assess and mitigate potential challenges. Additionally, the omission of risks may result in a skewed and overly optimistic view of the organization's strategic position.