Are we using (a) SWOT Analysis or (b) Cost Benefit Analysis here? On surface, it seems "b" to me. I would like to know a reason for the correct choice.
You are using an analytic tool to find the strengths and weaknesses of alternatives to determine the best option in terms of benefits provided. Saving Changes...
What do you mean "On surface"?
Would you please rephrase your question again?
To find strengths , weakens,opportunities and threads is only SWOT .
I remember it used at identifying risk (11.2 process and plan management stakeholder 13.2).
BR,
Mansour
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1 reply by Saf Sied
Feb 22, 2020 12:35 PM
Saf Sied
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Mansour,
By "on the surface" I mean: apparently, evidently, seemingly, likely, presumably, probably.
What do you mean "On surface"?
Would you please rephrase your question again?
To find strengths , weakens,opportunities and threads is only SWOT .
I remember it used at identifying risk (11.2 process and plan management stakeholder 13.2).
BR,
Mansour
Mansour,
By "on the surface" I mean: apparently, evidently, seemingly, likely, presumably, probably. Saving Changes...
Hi Saf,
Yes, I have research on process 8.1 and found you are correct.
Cost benefits analysis also used for strengths and weaknesses.
it appears that Cost benefits analysis is used more than what I thought,
sorry for convenience caused to you.
You alright brother.
BR,
Mansour Saving Changes...
I would say that Cost Benefit Analysis is more from an accountancy and budgeting perspective while Strength Weaknesses Opportunity Threats (SWOT) Analysis is from a management and strategic management point of view.
As a result the data, how its analyzed, key metrics being looked for and the output report are all different as different department heads have different considerations to bear in mind when deciding on how to approach a project or giving the green light to a project.
For example Cost Benefit Analysis will look at the cost savings across the board of implementing a specific approach to the business.
On the other had SWOT analysis will look and the reason why the organization should implement a specific approach to the business.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Saf
You can use both for any situation but we commonly use SWOT on an organizational level for strategic decisions and also for managing risks.
On the other hand, cost benefit analysis is used in many more cases like evaluating a solution for example, and it can include tangible and intangible benefits, not necessarily only financial ones.
Hope his helps.
RK Saving Changes...
Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
B
"... strengths and weaknesses of alternatives to determine the best option in terms of benefits provided." is a direct quote of 8.1 cost-benefit analysis
- names alternatives (not commonly supported by SWOT)
- best option in term of benefits (refers to cost/benefit)
Cost/benefit analysis is also used in 4.5 and 4.6
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1 reply by Saf Sied
Feb 23, 2020 6:12 PM
Saf Sied
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Thomas,
Your explanation with references was very helpful.
"... strengths and weaknesses of alternatives to determine the best option in terms of benefits provided." is a direct quote of 8.1 cost-benefit analysis
- names alternatives (not commonly supported by SWOT)
- best option in term of benefits (refers to cost/benefit)
Cost/benefit analysis is also used in 4.5 and 4.6
Thomas,
Your explanation with references was very helpful. Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
A SWOT analysis is focused on a single entity: organization, solution, individual, ...
A Cost-Benefit Analysis is a comparison of multiple entities; policies, processes, solutions, ... Saving Changes...
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