I must admit that this term is new to me too. Here is the link which explains it really nicely.
http://www.bnet.com/abstract.aspx?cid=1 ... ocid=74622
The term SWOT means Strength, Weakness, Opportunities, and Threats. It is used in order to evaluate the performance of different companies. The strengths include the available right tools or resources, unique selling proposition etc. On the other hand, weakness points out the things that are needed and the company is lacking. Opportunities points out the new situations coming down the road that one can take advantage of (new programs being offered, new faculty joining the department, new tools available to a company), the gaps in the “market” that one can fill etc. Threat gives the idea of competitors, environmental changes etc. Companies should capitalize on the strengths, minimize the weakness, take the advantage of some new opportunities, and respond to the threats.
Feel free to ask me if you need any more help.