Jim and his partner are studying the strengths and weaknesses of their construction business, Open Concept Construction, as well as researching the opportunities and threats in the external environment. Jim and his partner are conducting a .

SWOT Analysis

Explanation:

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT Analysis is a technique that us used for assessing the strengths, weaknesses, opportunities and threats an organization or business can face.

Firms can use SWOT Analysis to effective utilize and make the most of what they have to the advantage of the organization and also reduce the chances of failure through the understanding of what is lacking, and removing hazards. An effective and successful SWOT analysis leads to achievement of organizational goals.

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