Is the opportunity ongoing, or is there just a window for it? In other words, how critical is your timing?
Threats (external, negative factors) Threats include external factors beyond your control that could place your strategy, or the business itself, at risk. You have no control over these, but you may benefit by having contingency plans to address them if they should occur. Who are your existing or potential competitors? What factors beyond your control could place your business at risk? Are there challenges created by an unfavorable trend or development that may lead to deteriorating revenues or profits? What situations might threaten your marketing efforts? Has there been a significant change in supplier prices or the availability of raw materials? What about shifts in consumer behavior, the economy, or government regulations that could reduce your sales? Has a new product or technology been introduced that makes your products, equipment, or services obsolete? The point of a SWOT analysis is to help you develop a strong business strategy by making sure you’ve considered all of your business’s strengths and weaknesses, as well as the opportunities and threats it faces in the marketplace. 7. Answer the following with short answer responses: A) Why is it important to review and prioritize change requirements or opportunities with relevant managers? AnswerPrioritization helps the project manager resolve conflicts, plan for staged deliveries, and make the necessary trade-off decisions. One characteristic of excellent requirements is that they are explicitly prioritized. When customer expectations are high, timelines are short, and resources are limited, you want to make sure the product contains the most essential functions. Establishing each chunk of functionality’s relative importance lets you sequence construction to provide the greatest product value at the lowest cost. Customers and developers must collaborate on requirements prioritization. A project manager has to balance the project scope against the constraints of schedule, budget, staff resources, and quality goals. One balancing strategy is to drop or defer low priority requirements to a later release when you accept new, higher priority requirements or other project conditions change. If customers don’t
differentiate their requirements by importance and urgency, the project manager must make these trade-off decisions. Because customers may not agree with the project manager’s decisions, they must indicate which requirements are critical and which can wait. Establish priorities early in the project, while you have more options available for achieving a successful project outcome. B) Why is it important to consult with specialists to assist in the identification of major change requirements and opportunities?