Gensler Sustainable Performance Scorecard (Photo credit: Wikipedia)
Strategy Review, Evaluation, and Control
Overview
Chapter 9 describes how to effectively evaluate strategies and make timely changes as needed.
Chapter 9 explains how to develop a Balanced Scorecard and utilize contingency planning.
The Chapter 9 Learning Objectives as provided in the textbook are as follows:
1. Describe a practical framework for evaluating strategies.
2. Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success.
3. Discuss the importance of contingency planning in strategy evaluation.
4. Explain the role of auditing in strategy evaluation.
5. Describe and develop a Balanced Scorecard.
6. Discuss three 21st-century challenges in strategic management.
1. Even successful firms can fail quickly as they are the target of all other firms, so evaluating strategies is essential for all firms. Even Apple is struggling of late as Samsung and other rival firms imitate and duplicate their products and then offer such at lower prices.
2. Strategy evaluation consists of three activities: Review Underlying Bases of Strategy, Measure Performance, and Take Correction Action. Review the tables in this chapter that summarize the narrative quite well.
3. Pull up the Balanced Scorecard on Google. Search for Balanced Scorecard Images to find more than 100 corporate Balance Scorecards used by companies.
4. Pay special attention to the “21st First Century Challenges in Strategic Management.”
