Why is SWOT analysis important for project managers?

Everyone in the field of project management is aware of the SWOT analysis and knows the uses of it. SWOT altogether stands for Strengths, Weaknesses, Opportunity, and threats everyone needs to analyze these four things within them. If you can analyze them properly no one can stop you from reaching the best levels of success.

But do you know why it is more important for project managers? This question keeps revolving in the student's mind who opts for the PMP Exam Prep. They keep asking this question but no one bothers to answer them and think that it can be answered easily.

Here are the importance of SWOT analysis for every PMP student who wants to become a successful project manager. Just go through them and you would not have any questions about the importance of SWOT analysis.

• Helps you to know your competitor’s strength- Your competitors who are doing a different project may have a similar strength to you or it can be different. The first importance of a SWOT analysis is to help you know your competitor’s strength so that your work becomes easier.
• Ways of doing your project differently- After knowing your competitor’s strength it is important for you to do your project differently. By doing it you can easily compete with your competitor and show how essential your project work is. For this reason, SWOT analysis is given better importance in Business Analyst Certification exams.
• The purpose behind doing a specific project- This is a major importance of SWOT analysis so that every project managers know why are they doing any project. It is not something that you are assigned that’s why you have to do and keep doing it. Therefore, if you do a SWOT analysis you would definitely know why are you doing the project and its outcomes.
• Possibilities of failure- Last but not least, with the help of the best SWOT analysis you would know the possibilities of project failure. So, if you want no failure definitely prepare a better SWOT analysis without any falters.

These are the most important reasons which will tell you why SWOT analysis is more important for a project manager.