What is gap analysis

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In management literature, gap analysis involves the comparison of actual performance with potential or desired performance. If an organization does not make the best use of current resources, or forgoes investment in capital or technology, it may produce or perform below an idealized potential. This concept is similar to an economys production being below the production possibilities frontier. This concept is similar to an economys production being below the production possibilities frontier.   a gap analysis is how an organization examines its current performance with its target performance. A gap analysis is process that compares actual performance or results with what was expected or desired. Gap analysis definition gap analysis can be understood as a strategic tool used for analyzing the gap between the target and anticipated results, by assessing the extent of the task and the ways, in which gap might be bridged. It involves making a comparison of the present performance level of the entity or business unit with that of standard established previously. Whichever tool you choose, visualize and document each step of your gap analysis to keep your organization moving forward. Swot analysis is perhaps one of the oldest textbook-marketing assets. Swot stands for strengths, weaknesses, opportunities, and threats.   gap analysis process means that you will have more data on how to improve. For example, when it is used in manufacturing it can help manage resources. What we mean by resources is money, material, or human resources. Conducting a gap analysis can help you improve your business efficiency, your product, and your profitability by allowing you to pinpoint gaps present in your company. Once its complete, youll be able to better focus your resources and energy on those identified areas in order to improve them. Swot analysis and gap analysis can be used in different context and they might give a different meaning in those contexts. Below is a breakdown of swot analysis vs gap analysis in the context of a company. Swot analysis evaluates a company against its peers, while gap analysis is an internal evaluation to identify.

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