How to Prepare the Internal Factor Evaluation Matrix
Internal factor evaluation matrix or IFE is one of the most popular strategic management tools that is used for both evaluating as well as auditing the internal strengths and weaknesses of an organization. It also provides a basis with the help of which you will find out relationship between different areas.
It is important for strategic business unit or autonomous divisions of all multi divisional companies to construct an IFE matrix. These different matrixes can then be combined in order to bring about an IFE matrix for the entire organization.
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How to prepare internal factor evaluation matrix?
In order to conduct a proper internal strategic management audit in a particular organization it is first important to construct internal factor evaluation matrix. This tool helps in properly analyzing both strengths as well as the weakness of the functional areas of an organization. It also provides a basic ground that helps in properly evaluating relationship between the functional areas. In order to properly develop IFE it is important to have proper intuitive judgments.
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Steps to develop Internal factor evaluation matrix
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