English: The Strategy Analysis Graph shows the subject company’s planned path for dealing with the ESI, tangible progress made, and if existent, government regulations. The trajectory of the subject company’s planned path reveals the extent of their future risk exposure. This graph is placed in the center of the Strategy Analysis page. (Photo credit: Wikipedia)
Strategy implementation uses limited organizational resources to achieve goals. Strategy generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. “A strategy describes how the ends (goals) will be achieved by the means (resources).”
Richard Rumelt’s Criteria offers four criteria that can be used to evaluate a strategy: consistency, consonance, feasibility and advantage.
1. Consistency implies that a strategy should not present inconsistent goals and policies which leads to organizational conflict and bickering. “If success for one organizational department means failure for another department, then strategies may be inconsistent.
2. Consonance requires strategists to examine external trends in the environment. A strategy should present an adaptive response to critical changes in the external environment.
3. Feasibility means that the strategy can be executed with the physical, human and financial resources of the enterprise. The organization possesses the “abilities, competencies,, skills and talents needed to carry out a given strategy.
4. Advantage requires the creation or maintenance of a competitive advantage in an area or activity that results from: resources, skills or position.
The Lords of Strategy (Photo credit: Wikipedia)
Watch this video with Richard Rumelt