Podcast
Questions and Answers
Timely evaluations can alert management to problems or potential problems before a situation becomes ______.
Timely evaluations can alert management to problems or potential problems before a situation becomes ______.
critical
Taking corrective actions requires making changes to competitively reposition a firm for the ______.
Taking corrective actions requires making changes to competitively reposition a firm for the ______.
future
A strategy should not present ______ goals and policies.
A strategy should not present ______ goals and policies.
inconsistent
A strategy must neither overtax available resources nor create ______ sub problems.
A strategy must neither overtax available resources nor create ______ sub problems.
Signup and view all the answers
Refers to the need for strategists to examine sets of trends, as well as individual trends, in evaluating ______.
Refers to the need for strategists to examine sets of trends, as well as individual trends, in evaluating ______.
Signup and view all the answers
A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria, and communicating the results to interested users is ______.
A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria, and communicating the results to interested users is ______.
Signup and view all the answers
The ______ approach contends that top executives are the only persons in the firm with the collective experience, acumen, and fiduciary responsibility to make key strategy decisions.
The ______ approach contends that top executives are the only persons in the firm with the collective experience, acumen, and fiduciary responsibility to make key strategy decisions.
Signup and view all the answers
The ______ approach advocates that lower- and middle-level managers and employees who will be implementing the strategies need to be actively involved in the process of formulating the strategies.
The ______ approach advocates that lower- and middle-level managers and employees who will be implementing the strategies need to be actively involved in the process of formulating the strategies.
Signup and view all the answers
Measuring organizational performance includes comparing expected results to actual results, investigating deviations from ______, evaluating individual performance, and examining progress being made toward meeting stated objectives.
Measuring organizational performance includes comparing expected results to actual results, investigating deviations from ______, evaluating individual performance, and examining progress being made toward meeting stated objectives.
Signup and view all the answers
It is a process that allows firms to evaluate strategies from four perspectives: financial performance, customer knowledge, internal business processes, and ______ and growth.
It is a process that allows firms to evaluate strategies from four perspectives: financial performance, customer knowledge, internal business processes, and ______ and growth.
Signup and view all the answers
Study Notes
Nature of Strategy Evaluation
- Strategy evaluation is vital to an organization's well-being and involves timely assessments to identify potential problems before they become critical.
- It requires making changes to competitively reposition a firm for the future.
Balanced Scorecard
- A process that evaluates strategies from four perspectives: financial performance, customer knowledge, internal business processes, and learning and growth.
Contingency Planning
- Involves planning ways to deal with unfavorable and favorable events before they occur, a fundamental principle of good strategic management.
Consistency and Feasibility of Strategy
- A strategy should not present inconsistent goals and policies.
- A strategy must neither overtax available resources nor create unsolvable sub-problems.
Consonance
- Requires examining sets of trends, as well as individual trends, in evaluating strategies.
Auditing
- A systematic process of objectively evaluating evidence regarding economic actions and events to ascertain the degree of correspondence between assertions and established criteria.
- Communicates the results to interested users.
Top-Down and Bottom-Up Approaches
- Top-down approach: top executives make key strategy decisions, utilizing their collective experience, acumen, and fiduciary responsibility.
- Bottom-up approach: lower- and middle-level managers and employees are involved in formulating strategies to ensure their support and commitment.
Measuring Organizational Performance
- Compares expected results to actual results, investigating deviations from plans, evaluating individual performance, and examining progress toward meeting stated objectives.
Revised IFE and EFE Matrices
- Revised IFE Matrix: focuses on changes in an organization's management, marketing, finance/accounting, production/operations, R&D, and management information systems strengths and weaknesses.
- Revised EFE Matrix: indicates how effective a firm's strategies have been in response to key opportunities and threats.
Strategy Evaluation Network
- Summarizes strategy-evaluation activities in terms of key questions, alternative answers, and appropriate actions for an organization to take.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Learn about the importance of strategy evaluation in an organization, including the use of the Balanced Scorecard to evaluate strategies from four perspectives.
