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.
What do you think would allow the organization to capitalize on its strengths?
What do you think would allow the organization to improve upon its weaknesses?
What are potential issues for stakeholders in their functional areas?