Part 9 – SWOT & PESTEL & Risk mapping matrix

What does SWOT stand for?

Strengths, Weaknesses, Opportunities and Threats

Which SWOT elements are internal & external?

Internal: Strengths and weaknesses

External Opportunities and threats

How can SWOT assist risk management?

Weaknesses and threats help identify risks, while strengths and opportunities reveal positive possibilities.

What does PESTEL stand for?

Political, Economic, Social, Technological, Environmental and Legal

What is PESTEL used for?

Analysing the external environment of a country or project

Why should PESTEL be country-specific?

Each country has a different political, economic, social, technological, environmental and legal environment

What 2 dimensions are used in a risk matrix?

Probability of occurrence and magnitude of impact

What is normally done with high-probability, high-impact risks?

They receive the highest priority and require immediate response planning

Why is probability-impact scoring useful?

It helps the project team prioritise limited attention and resources

What other information should be included in a risk register?

Risk description, cause, probability, impact, priority, response, owner, trigger and status