7) 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 determines long-term goals by analyzing the strengths and weaknesses of an organization, opportunities an threats, future trends and demand for new products and services. Strategic planning involes SWAT analysis - Strengths, Weaknesses, Opportunities, and Threats  analysis.
    After identifying strategic goals the next step is to  identify potential projects.  That can be done by using project selection methods that fall into three categories:

1. Benefit measurement methods
2. Constrained optimization methods
3. Expert  Judgment.

     In my opinion, most of the businesses use benefit measurement methods such as Net present value analysis, Return on investment, and Payback analysis because these methods present with some actual numbers that can be calculated and used to compare different projects, and estimate the financial success or inevitable failure of a potential project.