What Defines an Investment Process ?

Frequently on this forum I've noticed people talking about seeking HFs with a strong processes, but in the buy-side internships I've had (LO Equities, LO Credit), it is typically always (i) Analyst presents research at IC (ii) PM decides allocation. 

What stress tests or additional considerations have you encountered that help strengthen this process? Is the "process" just the order in which the analyst pursues and distills the information for the PM? 

Would truly appreciate any clarification/guidance.

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