IT strategic planning is required to manage and direct all IT resources in line with the business strategy and priorities. The IT function and business stakeholders are responsible for ensuring that optimal value is realized from project and service portfolios. The strategic plan improves key stakeholders’ understanding of IT opportunities and limitations, assesses current performance, identifies capacity and human resource requirements, and clarifies the level of investment required. The business strategy and priorities are to be reflected in portfolios and executed by the IT tactical plan(s), which specifies concise objectives, action plans and tasks that are understood and accepted by both business and IT.