SWOT analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture. It is a comprehensive framework that helps organizations and individuals understand their internal capabilities and challenges, as well as external factors that may impact their success.

The Delphi Method is a forecasting process and communication framework that leverages the insights of a panel of experts to arrive at a group consensus or decision. The process involves sending out questionnaires to experts, aggregating their responses, and sharing the summarized insights with the group after each round. Experts then have the opportunity to adjust their answers in subsequent rounds based on the evolving group response. The ultimate goal is to achieve a true consensus of expert opinions.

The framing effect is a cognitive bias that highlights how individuals react to the context or presentation of information rather than the information itself. The framing of a decision can influence people's perceptions, judgments, and choices. This concept has significant implications for decision-making in various areas, such as finance, health, and public policy.

Status quo bias is a psychological inclination where individuals exhibit a preference for maintaining the current state of affairs, often resisting changes even when objectively advantageous alterations are available. It manifests as a tendency to favor familiarity and comfort over potential improvements.

The Sunk Cost Fallacy is a cognitive bias where individuals continue to invest in a decision or project based on the cumulative prior investment (sunk costs), even when it is not rational to do so. In other words, people may feel compelled to continue with a course of action because of the resources they have already invested, even if the future benefits are unlikely or the costs outweigh the benefits.

The Endowment Effect is a psychological phenomenon in behavioral economics where people tend to assign higher value to items simply because they own them. In other words, individuals tend to overvalue objects in their possession compared to the same objects not owned. This can influence decision-making in various contexts, such as buying, selling, or trading goods.

Mental accounting is a psychological concept where individuals categorize and treat their money differently based on subjective criteria rather than seeing it as a unified pool of funds. Understanding this concept is crucial because it influences how people make financial decisions and allocate their resources.

Loss aversion is a concept in behavioral economics that describes the tendency for people to strongly prefer avoiding losses over acquiring equivalent gains. Essentially, the emotional impact of losing something is felt more strongly than the pleasure derived from gaining something of equal value.

Diversification strategy, in the context of behavioral economics, refers to the practice of spreading investments across different asset classes or sectors to reduce risk and increase the likelihood of positive outcomes. This strategy recognizes that investors are subject to cognitive biases and emotional influences that may lead to irrational decision-making, such as overconfidence, loss aversion, or herd behavior. By diversifying their portfolios, investors can mitigate the impact of these biases and enhance their overall investment performance.