Strategic planning process is a procedure of determining an organization’s long-term objectives and thereafter coming up with the best approaches in this regard (Gru%u0308nig & Ku%u0308hn, 2011). Through strategic planning, a company can predict and improve its business undertakings by considering various factors that are likely to come into play in its operations, and establishing appropriate measures to tackle them. There are several models employed by organizations during the process of strategic planning that help in the maximization of output. Several factors in an organization determine the type of strategic plan adopted. Among these factors are organization’s customs, nature of leadership, setup, and the organization type (Gru%u0308nig & Ku%u0308hn, 2011). Each organization is required to come up with its own model of strategic planning to suit the nature of its business. An organization can select a model and thereafter modify it within the course of the planning procedure (Gru%u0308nig & Ku%u0308hn, 2011).
Project Selection Method(s) Justifying Information Technology Projects
In my opinion, SWOT analysis method is the most preferred method by organizations in their IT projects (Ward & Peppard, 2002). The method seeks to evaluate an organization’s strengths, weaknesses, opportunities, and threats. As illustrated by its cofounder Albert Humphrey, the technique entails the identification of an organization’s objectives and pinpointing both the internal and external aspects influencing the outcome of these objectives (Ward & Peppard, 2002). Recognition of these SWOTs is vital as the succeeding steps of planning aimed at achieving the outlined objectives heavily rely on the correctness of the derived SWOTs. In my view, the technique is best suited to deal with IT projects due to its ability to be broken down into different phases. In this regard, a business venture can distinctively make the necessary observations in the marketplace and come up with the necessary steps and strategies to increase its share in the market (Ward & Peppard, 2002).