A SWOT analysis is another gap analysis method that can help you to balance where you are against where you want to be. SWOT actually stands for "Strengths," "Weaknesses," "Opportunities," and "Threats." When undertaking a SWOT analysis, the first step is to list all of the project's or department's strengths. What makes the department so great? What is working for the project or the project team?
Next, you will list all the project's, department's, or company's weaknesses. Take a look at the ways in which things are not going so well. What could be done better?
Third, list opportunities that exist. What areas are there that the company, project, or department could take hold of? Are these opportunities realistic?
Fourth, list any threats that are presented that may derail your company, department, or project. Is there anything that can be done to prevent these threats?
Finally, your aim will be to maximize strengths and take advantage of opportunities that present themselves while minimizing company weaknesses and avoiding threats.