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SWOT Analysis
Understanding Your Business, Informing Your Strategy
What is a SWOT analysis? SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business.
Strengths
What do you do well?
What unique resources can you draw on?
What do others see as your strengths?
Weaknesses
What could you improve?
Where do you have fewer resources than others?
What are others likely to see as weaknesses?
Opportunities
What opportunities are open to you?
What trends could you take advantage of?
How can you turn your strengths into opportunities?
Threats
What threats could harm you?
What is your competition doing?
What threats do your weaknesses expose to you?
MoSCoW Prioritization
What is MoSCoW Prioritization?
MoSCoW prioritization, also known as the MoSCoW method or MoSCoW analysis, is a popular prioritization technique for managing requirements.
The acronym MoSCoW represents four categories of initiatives: must-have, should-have, could-have, and won’t-have, or will not have right now. Some companies also use the “W” in MoSCoW to mean “wish.” OR WOULD HAVE.
5 WHY'S
WHAT
WHERE
WHEN
WHY
WHO
+ HOW
CATWOE: Building a Problem-Solving Checklist
Problem solving is the main target of design thinking methods, and the previously discussed design thinking methods that are used in solving problems tend to work through a number of steps in order to reach a final solution for the problem. However, in particular situations, solving the problem isn’t the main target of meetings or discussions. Stakeholders simply would like to explore the problem and all the factors that relate to it in order to decide whether or not to take further actions.
Some design thinking tools, such as a cause-effect diagram, may be used for exploring problems, but this tool is designed to solve problems. Its steps and implementation time takes this into account. At this point, what managers need is a checklist that can give an insight about the problem without planning to solve it, such as the CATWOE.
FISHBONE DIAGRAM
Quality Glossary Definition: Fishbone diagram
Looking for more quality tools?
Also called: cause-and-effect diagram, Ishikawa diagram
Variations: cause enumeration diagram, process fishbone, time-delay fishbone, CEDAC (cause-and-effect diagram with the addition of cards), desired-result fishbone, reverse fishbone diagram
FAILURE MODE AND EFFECTS ANALYSIS (FMEA)
FAILURE MODE AND EFFECTS ANALYSIS (FMEA)
Quality Glossary Definition: Failure mode effects analysis (FMEA)
Also called: potential failure modes and effects analysis; failure modes, effects and criticality analysis (FMECA)
Begun in the 1940s by the U.S. military, failure modes and effects analysis (FMEA) is a step-by-step approach for identifying all possible failures in a design, a manufacturing or assembly process, or a product or service. It is a common process analysis tool.
"Failure modes" means the ways, or modes, in which something might fail. Failures are any errors or defects, especially ones that affect the customer, and can be potential or actual.
"Effects analysis" refers to studying the consequences of those failures.
Failures are prioritized according to how serious their consequences are, how frequently they occur, and how easily they can be detected. The purpose of the FMEA is to take actions to eliminate or reduce failures, starting with the highest-priority ones.
Failure modes and effects analysis also documents current knowledge and actions about the risks of failures, for use in continuous improvement. FMEA is used during design to prevent failures. Later it’s used for control, before and during ongoing operation of the process. Ideally, FMEA begins during the earliest conceptual stages of design and continues throughout the life of the product or service.
What is PEST Analysis?
PEST stands for the analysis of the external factors which are beneficial when conducting research before beginning a new project or to help conduct market research. These factors are:
Political – Laws, global issues, legislation and regulations which may have an effect on your business either immediately or in the future.
Economic – Taxes, interest rates, inflation, the stock markets and consumer confidence all need to be taken into account.
Social – The changes in lifestyle and buying trends, media, major events, ethics, advertising and publicity factors.
Technological – Innovations, access to technology, licensing and patents, manufacturing, research funding, global communications.
In software development and product management, a user story is an informal, natural language description of features of a software system. They are written from the perspective of an end user or user of a system, and may be recorded on index cards, Post-it notes, or digitally in project management software.[1] Depending on the project, user stories may be written by different stakeholders like client, user, manager, or development team.
User stories are a type of boundary object. They facilitate sensemaking and communication; and may help software teams document their understanding of the system and its context.[2]
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