Final answer:
The correct statement regarding SWOT analysis is all the above options: strengths and weaknesses being internal factors, opportunities and threats being external factors, and SWOT analysis being used to assess both internal and external environments.
Step-by-step explanation:
When considering a SWOT analysis, all of the following statements are correct:
- Strengths and weaknesses are internal factors.
- Opportunities and threats are external factors.
- SWOT analysis is used to assess an organization's internal and external environment.
This analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture. Strengths and weaknesses are typically internal to an organization—things that you have control over and can change. Examples include resources, experience, or skills of your people. Opportunities and threats are usually external; these could include factors like market trends, economic conditions, or changes in legislation.
Among the strengths of this approach are the comprehensive overview it provides and its ability to help prioritize actions by understanding an organization's strategic position. However, one of the limits is that it might not always be easy to classify factors strictly into only one of the SWOT categories, and the analysis could be subjective based on who is conducting it.