Question

Discuss the five steps involved in performing an Internal Factor Evaluation (IFE) Matrix

Answer 1

Five steps involved in performing an Internal Factor Evaluation (IFE) Matrix are as follows:

• Critical internal factors: Key internal factors are found after internal auditing and evaluating the company's strengths and weaknesses. There can be 10-20 internal factors for an organization. Factors do not affect the weighted scores.

• Weights: Weights are given according to the impacts of each of the key internal factors' strengths and weaknesses. The factors are rated from 0.00 to 1.00. The most valuable one gets 1.00.

• Ratings: Ratings are provided after evaluating the weights of the factors. The rating scale should be at the preference of the evaluator. Rates are provided 1 to 4 according to the weigh of the factor.

• Multiplication: Weighted factor and ratings are multiplied in the step.

• Sum: The sum is the multiplication outcome, which is considered the total weighted score.