Develop both an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix for a chosen organization, and write an analysis of the pros and cons and applications for use of each of these analytical tools.
An EFE matrix summarizes the results of an external audit. Using an IFE matrix to identify and prioritize internal factors fosters communication across functions and allows functional employees to articulate their concerns about the organization’s business condition. An EFE matrix, an IFE matrix, and a SWOT analysis, which identifies the internal strengths and weaknesses and the external opportunities and threats to an organization, are often completed together.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
• Competency 1: Evaluate key elements of the strategic planning process.
o Develop an EFE matrix that includes factors, weights, ratings, and total weighted scores.
o Develop an IFE matrix that includes factors, weights, ratings, and total weighted scores.
• Competency 2: Analyze issues associated with stakeholders in the strategic planning process.
o Interpret how the organization can capitalize on strengths.
o Interpret how the organization can improve on weaknesses.
o Illustrate potential issues for stakeholders in the functional areas.
• Competency 3: Apply a sequential process for developing and implementing strategies, goals, objectives, and tactics as part of the strategic plan implementation.
o Discuss the pros and cons and application of each of the analytical tools.
