What do you understand by SWOT analysis?

SWOT analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project. Strengths and weaknesses are internal factors, while opportunities and threats are external factors. This framework helps organizations understand their competitive position and informs decision-making by highlighting areas for improvement and potential growth. Ultimately, it aids in strategic planning and risk management.