What is the difference between an External Factor Analysis Summary (EFAS) and an Internal Factor Analysis Summary (IFAS)?
Which factors are included in an EFAS?
How do these factors differ from the factors that are included in an IFAS?
Are there any weaknesses to the EFAS or IFAS classification systems?
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Internal Factor Analysis summary refers to an analysis of factors which reside inside the organization. Internal factor analysis summary can be prepared for an organization by analyzing its strengths and weaknesses, which resides internally. Internal factor analysis summary enables the management of a company to identify with its strong points and overcome the weaker areas.
On the other hand External Factor Analysis Summary refers to an analysis of factors which lie outside the organization. This external factor analysis is attained with an analysis of opportunities and threats for an organization that resides in its outside environment or we can say in the environment in which it operates (Hunger & Wheelan, 2007). The analysis of external factors enables the management of a company to make the most of available opportunities and overcome ...
This solution discusses the difference in factors in IFAS and EFAS analyses.