Question

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 _________.

Answer 1

Answer: SWOT Analysis

Step-by-step 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.

Answer 2

SWOT Analysis

Step-by-step explanation:

Swot analysis is a business technique used in analyzing a business strengths, weakness, opportunities and threats. It is a business technique that provides assessment tools for those four areas. The aim is for business owners to know how strong the organization is doing, to spot the weakness available in the organization, identify possible opportunities of growths and also threats facing the business.