When using the EFE matrix we identify the key external opportunities and threats that are affecting or might affect a company. Where do we get these factors from?
EFE Matrix indicates whether the firm is able to effectively take advantage of existing opportunities along with minimizing the external threats. Similarly, it will help the strategists to formulate new strategies and policies on the basis of existing position of the company.
External factors are extracted after deep internal analysis of external environment. Obviously there are some good and some bad for the company in the external environment. Opportunities are the chances exist in the external environment, it depends firm whether the firm is willing to exploit the opportunities or may be they ignore the opportunities due to lack of resources.
Threats are always evil for the firm, minimum no of threats in the external environment open many doors for the firm. Maximum number of threats for the firm reduce their power in the industry.
Developing an EFE matrix is an intuitive process which works conceptually very much the same way like creating the IFE matrix. Include a total of from ten to twenty factors, including both opportunities and threats affecting the firm and its industry.
List the opportunities first and then the threats. Be as specific as possible, using percentages, ratios, and comparative numbers whenever possible. Assign to each factor a weight that ranges from 0. Opportunities often receive higher weights than threats, but threats too can receive high weights if they are especially severe or threatening.
Appropriate weights can be determined by comparing successful with unsuccessful competitors or by discussing the factor and reaching a group consensus. The sum of all weights assigned to the factors must equal 1.
It is important to note that both threats and opportunities can receive a 1, 2, 3, or 4. Sum the weighted scores for each variable to determine the total weighted score for the organization.
Regardless of the number of key opportunities and threats included in an External Factor Evaluation EFE Matrix, the highest possible total weighted score for an organization is 4.
The average total weighted score is 2.
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IFE (Internal factor evaluation) matrix is one of the best strategic tool to perform internal audit of any firm. IFE is use for internal analysis of different functional areas of business such as finance, marketing,IT, operations, accounts, Human Resources and others depend upon the nature of business and its size.
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