4) Briefly describe the strategic planning process: including the SWOT analysis. Which method do you think businesses use most when identifying IT project? why?

Strategic planning is an analytical process where the strengths, weaknesses, opportunities and threats, (four things also well known as SWOT analysis) of a company are studied, providing key information to intelligently identify and select potentially successful projects.  

SWOT analysis.

1. Strengths: Strengths must focus on what the company can do with its internal resources.
2. Weaknesses: Weaknesses can include any area in which the company lacks strength.
3. Opportunities: external chances to make greater sales or profits in the environment.
4. Threats: external elements in the environment that could cause trouble for the business.

I personally think that companies focus on weaknesses to be able to make positive changes in order to improve a project, and to not make the same mistakes in future projects. - Romy B

YAJAYRA WOJTAS
Strategic planning involves determining long-term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trend and projecting the need for new products and services. Stratetic planning provides important information to help organizations identify and then select potential projects. The SWOT analysis, analyzes strengths, weaknesses, opportunities, and threats. which is used to aid in strategic planning. Strength and weaknesses focuses on internal parameters and opportunities and threats focuses on external. The method most often used by business is the SWOT analysis because it uses a concept called mind mapping, a technique that uses branches radiating from a core idea to structured thoughts and ideas.