Develop both an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix
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.
Preparation
Select an organization for which to create an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix. Ideally, the company you choose will be a familiar one and one to which you have easy access, such as your place of employment or a company close to where you live. You may use the same organization for other assessments in this course.
EFE Matrix and IFE Matrix
Complete the following:
1. Using the EFE Matrix Template linked in the Resources under the Required Resources heading, record the external factors, weights, ratings, and total weighted scores for your chosen organization. Once you complete the table in the template, discuss the pros and cons and applications for use of this analytical tool. You may record the written portion of the assessment in the template document, or you may create a separate document.
2. Using the IFE Matrix Template linked in the Resources under the Required Resources heading, record the internal factors, weights, ratings, and total weighted scores for your chosen organization. Once you complete your IFE matrix table, discuss the pros and cons and applications for use of this analytical tool for the organization. In addition, propose strategies that address the following. You may record the written portion of the assessment in the template, or you may create a separate document.
• 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?
Additional Requirements
• Written communication: Written communication is free of errors that detract from the overall message.
• Must contain and introduction and a conclusion
• APA formatting: If you use sources, ensure that resources and citations are formatted according to APA (6th edition) style and formatting.
• Font and font size: Times New Roman, 12 point.
EFE and IFE Matrix Scoring Guide
Criteria Distinguished
Develop an EFE matrix that includes factors, weights, ratings, and total weighted scores. Develops an EFE matrix that includes an analysis of factors, weights, ratings, and total weighted scores.
Develop an IFE matrix that includes factors, weights, ratings, and total weighted scores. Develops an IFE matrix that includes an analysis of factors, weights, ratings, and total weighted scores.
Interpret how the organization can capitalize on strengths. Analyzes how the organization can capitalize on strengths.
Interpret how the organization can improve on weaknesses. Analyzes how the organization can improve on weaknesses.
Illustrate potential issues for stakeholders in the functional areas. Evaluates potential issues for stakeholders in the functional areas.
Discuss the pros and cons and application of each of the analytical tools. Defends the pros and cons and application of each of the analytical tools.
Answer preview to develop both an external factor evaluation (EFE) matrix and an internal factor evaluation (IFE) matrix
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