Answer to Question #254680 in Management for Lingo

Question

Identify eight major strengths and eight major weaknesses for your business and economics faculty and compile an IFE matrix for the faculty. And identify factors that the faculty should focus less on.

Answer 1

Eight major strengths and weaknesses for Business and Economic Sciences faculty and IFE matrix for the faculty. The IFE Matrix is based on Internal Strengths and Threats being measured with relative weights, weighted score and rank. The numbering is on the order of descending priority.

Internal Strengths:

O1. Research propensity and stress on publication

O2. Industry Interface, Cooperation background between university and region industries

O3. Consulting with companies

O4. Availability, approachability and openness

O5. Fostering competitiveness

O6. Arranging Corporate talks, symposiums and conferences

07. Feedback and performance appraisal

O8. Developing self and upgrading to be relevant

Weaknesses:

W1. Branding and communication

W2. University majors being unknown in community

W3. Competence of faculty

W4. Outdated curriculum

W5. Disability of graduates to start business Strengths

W7. Industry collaboration

W8. Team working, coordination among faculty members and staff

There are some important point related to rating in IFE matrix.

• Rating is applied to each factor.
• Major weakness is represented by 1.0
• Minor weakness is represented by 2.0
• Minor strength represented by 3.0
• Major Strength represented by 4.0

The range of rating start from minimum 1.0 which is worst  The weight range from 0.0 means not important and 1.0 means important, sum of all assigned weight to factors must be equal to 1.0 otherwise the calculation would not be consider correct.

Weighted score value is the result achieved after multiplying each factor rating with weight

The sum of all weighted score is equal to the total weighted score, final value of total weighted score should be between range 1.0 (low) to 4.0(high). The average weighted score for IFE matrix is 2.5 any company total weighted score fall below 2.5 consider as weak. The company total weighted score higher then 2.5 is consider as strong in position.