Final answer:
The two key benefits of SWOT analysis are that it encourages realistic planning and helps in identifying strengths and weaknesses. It provides clear internal and external insights but can be limited by its subjective nature.
Step-by-step explanation:
The two key benefits of SWOT analysis are:
- It encourages realistic planning.
- It helps in identifying strengths and weaknesses.
A SWOT analysis is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. One of the strengths of such an approach is that it fosters a clear understanding of internal capabilities and external possibilities, which enhances decision-making. However, one of the limitations is that it may not necessarily provide solutions or offer alternative decisions. Moreover, it can be subjective as it relies on the perspectives of the people conducting the analysis.