This publication is a revision of IAEA-TECDOC-1212 which primarily focused on enhancing the utilization of existing research reactors. This updated version also provides guidance on how to develop and implement a strategic plan for a new research reactor project and will be of particular interest for organizations which are preparing a feasibility study to establish such a new facility. This publication will enable managers to determine more accurately the actual and potential capabilities of an existing reactor, or the intended purpose and type of a new facility. At the same time, management will be able to match these capabilities to stakeholders/users' needs and establish the strategy of meeting such needs. In addition, several annexes are presented, including some examples as clarification to the main text and ready-to-use templates as assistance to the team drafting a strategic plan.