Strategic planning is the process of determining long-term objectives by analyzing the strengths and weaknesses of an organization, by studying both opportunities and threats in the business environment, by predicting future trends, and by projecting the need for new products and services. This process is known as SWOT for short or analyzing Strengths, Weaknesses, Opportunities and Threats.
I think in addition to SWOT analysis, organizations follow a detailed process for project selection. Some of those may be IT strategic planning, business area analysis, project planning, and resource allocation.
I think it is easy to underestimate the importance of strategic planning. Starting up costly projects without fully understanding their strategic value (if any) to the business is a pitfall that many managers can fall into.
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