What framework helps in identifying potential risks and rewards surrounding a business process?

The appropriate framework for identifying potential risks and rewards surrounding a business process is SWOT Analysis. This tool is designed to assess the Strengths, Weaknesses, Opportunities, and Threats related to a project or business venture. It helps organizations to clearly understand both the internal factors (strengths and weaknesses) and the external factors (opportunities and threats) that can impact their operations and decision-making.

By using SWOT Analysis, businesses can pinpoint the advantages they hold that can be leveraged (strengths) and also recognize areas of improvement or risks that they need to mitigate (weaknesses). Opportunities highlight external possibilities for growth or advantage, while threats identify external challenges that could affect success. This comprehensive view aids strategic planning and helps organizations to make informed decisions regarding the potential risks and rewards of their operations.

The other options, while valuable in different contexts, do not specifically focus on the holistic evaluation of risks and rewards surrounding a business process like SWOT Analysis does. Competitive Analysis primarily looks at the competition and understands market positioning, Market Research gathers data about consumers and market trends but does not inherently assess risks, and Feasibility Study evaluates the practicality of a project but is focused more on implementation viability rather than directly analyzing risks and rewards in a broad sense.