Risk Management functions adaptable to the Five Forces Model and recognized as additional models which involve replacing intra-industry rivalries and competitive threats with the Internal organization, Industry, Information, Infrastructure and Influences. ???
The external environment is complex, opportunities and threats have to be identified for Industry and competitors which is not controllable and changeable.
The internal environment is helpful, strengths and weaknesses have to be identified for Employees and customers which is controllable and changeable.
SWOT allows management to determine where resources want to be allocated to either shore up or scale back attributes to optimize program performance.
Strengths are characteristics that give the business a competitive edge, Weaknesses is limitations or deficiencies of the business, Opportunities is chances to improve business performance, and Threats is external factors affecting the business that has the potential to hurt a firm’s business International standards.