Firms seeking to create a competitive strategy have always employed the SWOT analysis tool. This tool evaluates the strengths, threats, weaknesses and opportunities of a business organization to guide in the establishment of the most appropriate strategy for gaining competitiveness. However, critics have recently questioned the theoretical viability and effectiveness of the SWOT analysis tool (Valentin, 2005). These critics argue that SWOT is based on intuition, whose nature is subjective, non-procedural, avoids quantifying and cannot predict future occurrences. The SWOT analysis is, therefore, an independent tool, whereas organizations require a comprehensive set of tools for analyzing different situations. This essay analyses the second alternative of developing SWOT into a comprehensive tool named Meta-SWOT, which eliminates the rigidity of
…show more content…
FAROUT is an acronym for Future-oriented, Accuracy, Resource-Efficient, Objectivity, Usefulness and Timely (Agarwal, Grassl, & Pahl, 2015). The FAROUT criterion is the basis of the Meta-SWOT analysis tool. The Meta-SWOT tool implemented on the Microsoft Excel workbook contains a title sheet together with seven other worksheets to guide in decision-making. This tool enables decision makers to revise their inputs as much as they need when they change their examination when planning. Meta- SWOT focuses more on the internal analysis of an organization by questioning everything about that organization rather than its competition in the market. A five-point scale is often utilized in the process of asking all the questions apart from the question on the priority level of each organizational goal. The five-point scale is important because it makes the information sufficiently reliable. The information is then entered in a Meta-SWOT flow diagram without any particular order except for the last strategy the given company
FAROUT is an acronym for Future-oriented, Accuracy, Resource-Efficient, Objectivity, Usefulness and Timely (Agarwal, Grassl, & Pahl, 2015). The FAROUT criterion is the basis of the Meta-SWOT analysis tool. The Meta-SWOT tool implemented on the Microsoft Excel workbook contains a title sheet together with seven other worksheets to guide in decision-making. This tool enables decision makers to revise their inputs as much as they need when they change their examination when planning. Meta- SWOT focuses more on the internal analysis of an organization by questioning everything about that organization rather than its competition in the market. A five-point scale is often utilized in the process of asking all the questions apart from the question on the priority level of each organizational goal. The five-point scale is important because it makes the information sufficiently reliable. The information is then entered in a Meta-SWOT flow diagram without any particular order except for the last strategy the given company