HCS/498: Strategic Decision Making For Health Care ManagersWk 3 Individual: Importance of a SWOT...

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HCS/498: Strategic Decision Making For Health Care Managers
Wk 3 Individual: Importance of a SWOT Analysis in Strategic Decision Making
Wk 3 Individual: Importance of a SWOT Analysis in Strategic Decision Making
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SWOT analyses are used in all types of industries and are useful when creating a strategic plan, business plan, or making a business decision.

Write a 700- to 1,050-word paper explaining how a SWOT analysis is performed in which you:
· Summarize a SWOT analysis
· Explain factors that can influence or bias a SWOT analysis.
· Explain the importance of a SWOT analysis in strategic planning in health care.

Cite and Reference at least 2 peer-reviewed, scholarly, or similar references to support your assignment.
Format your assignment according to APA guidelines.
Submit your assignment in a Microsoft Word document.
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hcs-week-3-swot-importnace-dclwdnqv.docx

Vidya · Accepted Answer

IMPORTANCE OF A SWOT ANALYSIS IN STRATEGIC DECISION MAKING
INTRODUCTION :
SWOT Analysis is a tool in business strategy which is used to analyze an organization and compare it to its competition. The system is generally credited to Albert Humphrey during the 1960s, however this attribution stays begging to be proven wrong. There is no generally acknowledged maker. Otherwise called the SWOT Matrix, it has accomplished acknowledgment as helpful in separating and building up a specialty inside the more extensive market. Past the business world, SWOT Analysis can likewise be applied to the individual-level to evaluate an individual's circumstance versus their opposition further. There are both inside and outside contemplations incorporate into the apparatus. "Strengths" and "weaknesses" stay interrelated (Teoli D & Sanvictores T, 2020). The previous speaking to an aspect of an association/element which loans it a preferred position over the opposition. The last being normal for that equivalent substance, which prompts a general disservice against the opposition. As to related, "opportunities" are real factors in the more noteworthy environment that can be abused to profit the element. While then again, "threats" are real factors in the more noteworthy climate, which may prompt issues for the element (von Kodolitsch, et al., 2015).
The idea of strategic fit, an omnipresent target looked for by everything associations, can be disclosed concerning how well the inside related components fit with the remotely related elements (Klein F, et al., 2019). 
Given that the SWOT Analysis takes a gander at factors both inside and outside a substance, it is likewise every so often named as an Internal-External Analysis. Regarding the wide idea of the device, it has both authoritative and individual utility. Despite the fact that borne out of the business world, it has clinical pertinence, for example, at the authoritative level (von Kodolitsch, et al., 2015).
FACTORS THAT INFLUENCE OR BIAS A SWOT ANALYSIS :

HCS/498: Strategic Decision Making For Health Care Managers Wk 3 Individual: Importance of a SWOT Analysis in Strategic Decision Making Wk 3 Individual: Importance of a SWOT Analysis in Strategic...

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