The idea behind strategic planning is almost a pre-pre planning stage, just on a higher level. If the planning phase is discussing a project’s goals, than strategic planning is discussing an organization’s goals, and is similar in many aspects. A commonly used method in strategic planning is the SWOT process, or Strengths, Weaknesses, Opportunities, and Threats. While the exact definition for each step is rather obvious, but it should be noted that the outcome of the SWOT process is a selection of Opportunities, and the knowledge of which can be pursued as projects.
Maybe it’s my fondness for math and numbers, but if you ask me to identify an IT project to pursue from a selection, I’ll go for the one with the best ROI. For that reason, I’m throwing in my support for the NPV analysis, to get a full financial feasibility analysis and project which project will provide the most objective value.
-Matthew Tridento
I agree to a point, but I would argue businesses use SWOT just as much as ROI. Reason being, SWOT helps in determining how many projects at one time can be worked on, while ROI simply tells how much profit will come out of the project. ~LH
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