Strategy evaluation activities should ideally be performed

Strategy evaluation is essentially the process of figuring out: What did we do well? How can we improve upon what we did well? What did we learn about ourselves and the environment along the way? We'll look at an example: Let's say that your vision is "to become the number one provider of strategy software in the world.

Why did we fall short? Was this even the right KPI? That last point is critical - but more on that a little later. Strategy Evaluation: Step 2 Implement consistent processes and tools Not to sound too much like a broken record, but effective strategy evaluation requires planning that goes beyond the setting of good KPIs. You'll also need to plan out your 'strategy rhythm' - things like: How often will I measure progress against my goals?

What standardized set of reports will be used throughout my business? What level of detail shall we capture in our written commentary of progress against the plan? Strategy Evaluation: Step 3 Empower teams to evaluate their own strategies Empowerment plays a critical role in strategy execution regardless. There are a number of benefits of doing so: You'll have the opportunity to assess your team's understanding of the strategy.

Does it match your own? Your team will realize how seriously you take the process of strategy and value it more as part of their day-to-day roles. You'll gain additional insights that you wouldn't have thought of yourself. You'll want to provide them with a basic framework to perform the analysis, and have them answer the key questions we posed above: Did we meet our goals?

What was it that helped us to succeed? What challenges made us fall short? Were our goals well set, and have they brought us closer to achieving our overall vision? Strategy Evaluation: Step 4 Take corrective action Steps 4 and 5 below are somewhat intertwined and should be performed largely in conjunction with each other. If you find that you're not meeting one of your goals, you'll want to do two things: Start by figuring out if the goal is still the right one see below.

If it is, take corrective action to address any shortcomings. There are many reasons why you might be struggling to hit your goals, ranging from relatively simple issues such as: A lack of resourcing human or financial Conflicting priorities Ineffective tracking of targets Misalignment or understanding of the goal Or your challenges may be more complex and relate to: Increased competition A significant capital shortfall Regulatory pressures A lack of internal innovation Whatever the case, the sooner you can identify these issues, the sooner you can start to take corrective action.

Strategy Evaluation: Step 5 Iterate your plan There are two scenarios where you'll want to iterate your plan as part of your strategy evaluation - one being significantly more positive than the other: Scenario 1: You've achieved your goals In an ideal world, you'll be iterating because you met some or all of your strategic goals.

It's actually not that hard to do this, as long as you have a robust strategy evaluation routine: You've achieved all your goals. Scenario 2: You've failed to meet some of your goals This is where we continue directly from the start of step 4 above. Strategy Evaluation: Step 6 Celebrate successes We've saved the most fun part of the strategy evaluation process for last - celebrating success.

A Strategy Evaluation Example To help you get started with your own strategy evaluation process, take a look at how our Customer Success team here at Cascade handled it for an example strategic marketing plan. Don't Be Afraid of Strategy Evaluation So often organizations shy away from the process of evaluating their strategy because they're scared of uncovering the depth of their 'failure'. Join the next strategy platform webinar. Register Now. Book a demo with our strategy experts. Join thousands of teams turning their visions into reality.

Get a Demo Try for Free. Customer Stories. Periodic Ans: c Page: IFE matrix. EFE matrix. EPM matrix. IFE matrix b. EFE matrix d. CPM matrix Ans: c Page: Which of the following activities are included in reviewing underlying bases of the strategy phase of strategy-evaluation framework? Prepare a revised IFE matrix b.

Compare a revised to an existing IFE matrix c. Prepare a revised EFE matrix d. Compare planned to actual progress e. The weightings may be different. The key factors may be different.

The total weighted score may be different. All of the above. Which of these is not an activity included in measuring the organizational performance phase of strategy evaluation? Examining progress being made toward stated objectives b. Taking corrective action c. Eliminate activities that have proven ineffective and drop delivery components determined to not be cost-effective. Decide on whether to continue program elements or the program and at what level of effort, including replicating program components found to be most cost-effective.

Decisions to Communicate Program Strategy and Value Decide to incorporate evaluation results data into the overall communication effort, such as to support the organization's "brand" messaging and its communication of value proposition to appropriators, stakeholders, and others. The low value of the dollar is opening up many foreign markets to American exports and is fostering foreign acquisition of U. Answer: For small businesses such as a local supermarket, strategy evaluation is less formal than in large organizations.

Under what conditions are corrective actions not required in the strategy-evaluation process? Identify the types of organizations that may need to evaluate strategy more frequently than others.

Justify your choices. Answer: Organizations that compete in more turbulent industries may need to evaluate strategies more often than others. Several examples of turbulent industries are the computer industry, the communications industry, and the aerospace industry.

Answer: Strategy evaluation should be an ongoing, continuous process rather than conducted at the end of a specified period of time, such as at the end of each year or at the end of every three years. Answer: In a bank, two key financial items are demand deposits checking accounts and time deposits savings accounts.

Other important items are commercial loans and consumer loans. The ratio of these items to total bank assets and total bank profits could be particularly important in evaluating the strategies of a bank.

As owner of a chain of hardware stores, describe how you would approach contingency planning. Answer: Effective contingency planning involves these steps:? Be sure that contingency plans are compatible with current strategy and financially feasible. Welcome to the world of case studies that can bring you high grades! Here, at ACaseStudy. I'm Anna. Would you like to get a custom case study? How about receiving a customized one? Strategy Review, Evaluation, and Control. Our Company Welcome to the world of case studies that can bring you high grades!

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