Strategy Review, Evaluation, and Control
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This chapter discusses strategy evaluation, review, and control. It outlines several frameworks for evaluating strategy, including Rummelt's four criteria of consonance, consistency, feasibility, and advantage. It also discusses the balanced scorecard approach and measuring organizational performance both quantitatively using financial ratios and qualitatively. Challenges to modern strategy evaluation include increased complexity, faster changes, and debates around transparency and top-down vs bottom-up processes. The key is for evaluation to provide timely, accurate information to allow corrective actions if needed.
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Limitations of strategic management
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The document discusses strategic control, which involves tracking a strategy as it is implemented to detect problems, make necessary adjustments, and guide action. There are four main types of strategic control: premise control checks assumptions, strategic surveillance broadly monitors for relevant information, special alert control triggers reassessments due to unexpected events, and implementation control assesses strategy based on incremental actions taken. Monitoring involves asking if direction, timing, and strategy need adjustment based on conditions.
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The document discusses strategic evaluation and control. It defines strategic evaluation as determining the effectiveness of a strategy in achieving objectives and making corrections. Key aspects of strategic evaluation include assessing internal/external factors, measuring performance, and taking corrective actions. Strategic control ensures the strategy and its implementation meet objectives. Techniques for strategic evaluation include gap analysis, SWOT analysis, PEST analysis, and benchmarking. Strategic control types are premise control, implementation control, strategic surveillance, and special alert control.
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Strategies must be systematically reviewed, evaluated, and controlled due to changing internal and external environments. Strategy evaluation involves examining underlying strategy bases, comparing expected and actual results, and identifying corrective actions. It is important but can be complex and sensitive. Key aspects of strategy evaluation include financial performance measures, customer knowledge, internal processes, learning and growth using tools like the balanced scorecard. Contingency planning involves alternative plans for unexpected events. Auditing ensures strategies align with goals and standards. Modern strategic challenges include determining if strategy is more art or science, transparency of strategies, and top-down versus bottom-up processes.
It is strategic management and information
Systematically reviewing, evaluating, and controlling strategies is essential as environments change. Strategy evaluation includes examining strategy foundations, comparing expectations to results, and taking corrective actions. It is important because environments are dynamic and objectives must be achieved. Strategy evaluation tools like the balanced scorecard use quantitative and qualitative measures to provide a balanced view of financial and non-financial concerns.
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This chapter discusses strategy review, evaluation and control. It is important for organizations to regularly review and evaluate their strategies to ensure they are still effective and aligned with the changing internal and external environments. The chapter outlines the key aspects of strategy evaluation, including examining the underlying bases of the strategy, comparing expected vs actual results, and taking corrective actions. It also discusses various quantitative and qualitative criteria that can be used to measure organizational performance and evaluate strategy effectiveness, such as financial ratios and the balanced scorecard approach. Contingency planning and auditing are also covered as important parts of the strategy evaluation process.
The Nature of Strategic Management
The document provides an overview of key concepts in strategic management, including:
1. Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives.
2. The strategic management process includes developing a vision/mission, assessing external opportunities/threats and internal strengths/weaknesses, setting long-term objectives, and selecting/implementing strategies.
3. Benefits of strategic management include improved financial performance, enhanced problem solving, and better coordination.
Chapter01
The document provides an overview of key concepts in strategic management including:
1. Strategic management involves formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives.
2. The strategic management process includes assessing external opportunities/threats and internal strengths/weaknesses to develop long-term objectives and strategies.
3. Implementing, evaluating, and updating strategies is critical for organizations to adapt to changing conditions and gain sustained competitive advantages.
Strategy Evaluation
what is it, why it is required, who are evaluated, process of evaluation, tools of evaluation all are included here
Strategic Planning Cycle & Tactics ( A to Z ).ppsx
The document outlines the strategic planning process, including analyzing the internal and external environment to understand where the organization currently stands, defining the vision and goals for where it wants to go, and developing strategies and implementation plans to achieve those goals. It discusses the key phases of strategic planning, from assessing the situation to formulating strategies to implementing operational plans and monitoring performance. Various methods are also presented that can be used during each phase of the strategic planning process.
Strategic Management
Strategic management involves developing a strategy to achieve long-term organizational objectives. It is a process that includes formulating strategy, implementing strategy, and evaluating strategy. Strategic decisions require top management involvement, large resource commitments, and consideration of external factors. Strategies can be formulated at the corporate, business, and functional levels. The strategic management process helps organizations effectively plan for and adapt to changes in their environment.
Chapter Eight group ass.pptx
1. The document outlines the strategic planning process including external and internal analysis, strategy formulation, execution, and monitoring phases. It emphasizes the importance of continual evaluation to ensure strategies remain effective amid changing environments.
2. Key aspects of strategic evaluation include examining the underlying strategy, comparing expected and actual results, and taking corrective actions. Both quantitative metrics like financial ratios and qualitative factors must be considered.
3. For evaluation to be effective, organizations must establish standards, measure performance against those standards, identify any deviations, and take actions to address issues. This ensures the strategy continues to align with organizational goals.
Evaluation & control
This document discusses strategy evaluation and review. It outlines the importance of evaluating strategy on an ongoing basis to ensure it remains relevant given changes in the internal and external environment. It describes evaluating strategy by reviewing its underlying bases, measuring organizational performance against plans, and taking corrective actions if needed. Key aspects of effective evaluation discussed include using both quantitative financial metrics and qualitative assessments, generating timely and useful information, and engaging in contingency planning to prepare for favorable and unfavorable events.
Crag Summary Framework V2.1
The document summarizes the problem of a lack of coordination and strategic focus across 120 concurrent projects at an organization in 2004. An investigation revealed projects were contradicting each other and there was no overall direction. A solution implemented centralized control and governance of projects through a hybrid Sarbanes-Oxley and Center of Excellence framework. This established financial controls, resource allocation, synergies identification, and benefits delivery tracking. The results included focused strategic input, staff savings, improved customer service, organizational control, and cost avoidance.
Strategic evaluation
The document discusses strategic evaluation and its importance. Strategic evaluation involves collecting information to assess how well a strategic plan is progressing against its goals. It examines the bases of a firm's strategy, compares expected to actual results, and identifies corrective actions. Strategic evaluation is beneficial for organizations of all sizes as it provides feedback for future decisions and assesses performance relative to goals. Common techniques for strategic evaluation include gap analysis, SWOT analysis, PEST analysis, and benchmarking.
Week 1&2
This document outlines the course contents for a Strategic Management course taught by Dr. Sabeeh Zaidi at the National University of Computers & Emerging Sciences in Lahore, Pakistan. The course covers key topics in strategic management including defining strategic management, the strategic management process and model, external and internal assessments, strategy formulation, implementation, and evaluation. It also discusses concepts like competitive advantage, vision and mission statements, and the benefits of taking a strategic approach to management.
Age of Alignment: Linking Compensation & Business Strategy
We’ve entered a new era, with evolving responsibilities for the Board of Directors. Today, the “review and concur” role is no longer sufficient. This is true from a regulatory and compliance perspective, and it’s also true as companies must be prepared for the challenge of fast, frequent, and often disruptive market forces. Recently, the NACD released its Blue Ribbon Commission report on Strategy Development. Among many important findings and recommendations, it states that providing necessary strategic direction requires a new level of ongoing Board engagement. A key question posed for Boards to evaluate their processes is “Does our incentive structure reinforce or unintentionally undermine the chosen strategy?”
Today, our discussion will be lead by two members of the Blue Ribbon Commission. Greg Lau, of RSR Partners and a member of the Board of NACD, as well as Steven Van Putten, managing director and office head from Pearl Meyer & Partners’ Boston location. We will also be joined by consultant Michael Ng from Pearl Meyer and Partners.
Strategicmanagementppt 130131182159-phpapp01
Strategic management is the process by which companies determine their long-term goals and how to achieve them. It involves environmental scanning, strategy formulation, implementation, and evaluation. The key aspects of strategic management are setting a mission and objectives, analyzing internal and external factors, developing corporate and business unit strategies, implementing programs and budgets, and monitoring performance. Strategic management helps companies focus their efforts and adapt to changing market conditions.
Chap011
This document discusses strategic control and continuous improvement. It defines strategic control as tracking strategy implementation, detecting changes, and making adjustments. There are four types of strategic control: premise control checks strategy assumptions; strategic surveillance monitors internal/external events; special alert control reconsiders strategy due to unexpected events; and implementation control assesses strategy changes based on incremental actions. Continuous improvement focuses on customer satisfaction, measurement, and process improvement through techniques like total quality management (TQM), six sigma, ISO 9001, and balanced scorecards.
TazeenImran_1511_17994_4_Chapter 11.pptx
The document discusses strategic formulation and execution. It emphasizes that while well-formulated strategies are important, most strategies fail due to poor execution. Effective strategy evaluation is critical and includes reviewing strategy foundations, comparing actual and expected results, and taking corrective actions. Strategy evaluation allows organizations to adapt to changing environments and ensure strategic goals are met.
The Age of Alignment Part II: Getting Strategy-Driven Performance Measurement...
Our December webinar explored a fundamental question that was raised by the NACD Blue Ribbon Commission on Strategy Development: “Does your company’s incentive structure reinforce or unintentionally undermine its chosen strategy?”
During that webinar, I talked with my colleague on the Blue Ribbon Commission, Pearl Meyer and Partners’ Steve Van Putten, along with Michael Ng who is with us again today. We discussed the alignment of business strategy and compensation, the role of the Board, the hallmarks of a properly aligned program and examples of various approaches to design, monitoring and revision.
Today, we will build on that topic and take an in-depth look at how Boards can implement the right performance measures to ensure a compensation program that will be an effective tool for driving corporate strategy. With Pearl Meyer and Partners’ Managing Director Matt Turner taking the lead, we will look at measurement selection and mix, and practical concerns for measurement, goal setting and the on-going administration and governance of a winning program.
12 strategey evaluation & control
This document discusses strategy evaluation and control. It outlines that strategic evaluation assesses whether the chosen strategy is being implemented and meeting objectives. There needs to be an evaluation system, reward system, and effective information system. Evaluation should happen at different organizational levels and determine if modifications are needed. Criteria for evaluation can include quantitative factors like financial results compared to history and competitors, as well as qualitative factors like consistency with objectives and environmental assumptions. Feedback is used to determine causes of deviations and take corrective action.
The Art of Strategic Planning for Leaders.pdf
Strategic planning is an art of formulating strategies, implementing and evaluating them. Equipping leaders and managers with skills such as problem solving, communication,critical thinking, decision making and leadership that are required to plan strategically in a competitive business environment.
Auraa Image Management and Consulting specializes in training leaders, managers and their teams to develop a growth oriented mindset and hone their skills to formulate and execute strategic business objectives.
If your organization is unable to achieve the expected desired results, it may be time to rethink the organizational strategy. Connect with us and learn how to strategically plan for success.
Contact: +91 9958934766 / +91 7830222285
Email: samira@auraaimage.com / nayanika@auraaimage.com
Website: https://auraaimage.com / https://samiragupta.com/
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This document discusses firm demand for inputs like labor and land. It explains that input demand is derived from the demand for a firm's outputs. Firms will demand inputs as long as their marginal revenue product exceeds input costs. When input prices change, firms substitute toward cheaper inputs. Land supply is fixed, so land prices are determined by demand. Firms will use land as long as the revenue from outputs exceeds land costs. The document provides an overview of firm input demand and factor markets.
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This document provides an overview of monopolistic competition and oligopoly market structures. It discusses key characteristics of monopolistic competition, including many firms, no barriers to entry, and product differentiation. Under monopolistic competition, firms have some market power due to differentiated products and can earn profits in the short run but will break even in the long run. The document also examines models of oligopoly behavior, including collusion and Cournot models. It provides examples of industries exhibiting monopolistic competition and high concentration.
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Strategy Review, Evaluation, and Control
- 2. Chapter Outline The Nature of Strategy Evaluation A Strategy-Evaluation Framework The Balanced Scorecard
- 3. Chapter Outline Published Sources of Strategy Evaluation Information Characteristics of an Effective Evaluation System Contingency Planning
- 4. Chapter Outline ( cont’d ) Auditing 21 st Century Challenges in Strategic Management
- 11. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria
- 13. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria
- 15. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria
- 17. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria
- 27. Evaluation Framework Continue present course Differences? Differences? Yes NO Yes NO I. Review Underlying Bases II. Measure Firm Performance III. Take Corrective Actions
- 35. Balanced Scorecard 2 1 Financial 2 1 Business Ethics/Natural Environment 2 1 Community/Social Responsibility 2 1 Operations/Processes 2 1 Managers/Employees 2 1 Customers Primary Responsibility Time Expectation Measure or Target Area of Objectives
- 37. Strategy-Evaluation Assessment Matrix Continue course Yes No No Corrective actions No Yes No Corrective actions Yes Yes No Corrective actions No No Yes Corrective actions Yes No Yes Corrective actions No Yes Yes Corrective actions Yes Yes Yes Corrective actions No No No Result Has the firm progressed satisfactorily toward achieving its stated objectives? Have major changes occurred in the firm’s external strategic position? Have major changes occurred in the firm’s internal strategic position?