The SWOT analysis „can help people, organizations, countries to become the best versions of themselves. To make a SWOT worth the time, you need to set aside the time to really think about it, answer, then sleep on it and revisit it. You won’t think of everything at once, and that question or answer that percolated in your brain overnight might be the most relevant and revealing insight in the entire exercise” (Urea, Popovici, 2019, p.31).
The SWOT analysis is instrumental in development strategy formulation. It has 4 sectors Strengths – Weaknesses – Opportunities – Threats and combines the study of the strengths and weaknesses (internal factors) of an organization, a geographical area, or a sector, country with the study of the opportunities and threats to their environment (external factors).