Techniques Of Strategic Evaluation g1x37

Techniques of strategic evaluation Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: Appraising internal and external factors that are the root of present strategies, Measuring performance, and taking remedial / corrective actions. Evaluation makes sure that the organizational strategy as well as it’s implementation meets the organizational objectives.

Nature of the strategic evaluation During the control process is to test the effectiveness of strategy. Strategic management process, the strategists formulate the strategy to achieve a set of objectives and then implement the strategy. To be a way of finding out whether the strategy being implemented will guide the organisation towards its intended objectives

Importance of Strategic Evaluation Strategic evaluation can help to assess whether the decisions match the intended strategy requirements. Strategic evaluation, through its process of control, , rewards, and review, helps in a successful culmination of the strategic management The process of strategic evaluation provides a process a considerable amount of information and experience to strategists that can be useful in new strategic planning.

Techniques of Strategic Evaluation

1) Gap Analysis one strategic evaluation technique used to measure the gap between the organization’s current position and its desired position. Analysis is used to evaluate a variety of aspects of business, from profit and production to marketing, research and development and Typically, a variety of financial data management information systems is analyzed and compared to other businesses within the same industry to evaluate the gap between the organization and its strongest competitors.

2) The SWOT analysis is another common strategic

SWOT Analysis evaluation technique used as a part of the strategic management process. The SWOT analysis evaluates the organization’s strengths, Strengths and weaknesses are weaknesses, opportunities and threats. Internal factors, while opportunities and threats are external factors. This identification is essential in determining how best to focus resources to take advantage of strengths and opportunities and combat weaknesses and threats.

3) PEST Analysis common strategic evaluation technique is the PEST analysis, which identifies the political, economic, social and technological factors that may impact the organization’s ability to achieve its objectives. Political factors might include such aspects as impending legislation regarding wages and benefits, financial regulations; etc Economic factors include all shifts in the economy, while social factors may include demographics and changing attitudes. These are also inevitable as technology becomes more advanced each day. Are all external factors, which are outside of the organization’s control but which must be considered throughout the decision making process. 4) Benchmarking that’s often used to evaluate how close the organization has come to its Organizations final objectives, as well as how far it has left to go. May benchmark themselves against other organizations within the same industry, or they may benchmark themselves against their own prior.

A variety of performance measures, as well as policies situation. And

procedures may be evaluated regularly to identify where adjustments are necessary to maintain the sustainable competitive advantage.