answer the following questions: Evaluating strategies on continues rather than a
ID: 362410 • Letter: A
Question
answer the following questions:
Evaluating strategies on continues rather than a periodic basic is desired. Discuss the pros and cons of this statement
Why has strategy evaluation become so important in business today?
What type of quantitative and qualitative criteria should be used to evaluate a company’s strategy?
As owner of a local, independent barbecue restaurant, explain how you would evaluate the firm’s strategy.
Identify and discuss five characteristics of effective strategy evaluation.
images and processlI 9-7. Do an Internet search using the keywords CAA IFRS to update yourself on this important transition coming soon in the United States. 9-8. How does an organization know if it is pursuing "optimal" strategies? 9.9. Discuss the nature and implications of the upcoming accounting switch from GAAP to IFRS in the United States. 9-10. Ask an accounting professor at your college or university the following question and report back to the class: "To what extent would my learning the IFRS standards on my own give me competitive advantage in the job market?" 9-11. Give an example of "consonance" other than the one provided by Rumelt in the chapter. 9-12. Evaluating strategies on a continuous rather than a periodic basis is desired. Discuss the pros and cons of this statement. 9.-13, Why has strategy evaluation become so important in 9-14. What types of quantitative and qualitative criteria business today? should be used to evaluate a company's strategy? MyManagementLab® Go to the Assignments section of your MyLab to complete these 9-30. Why is the Balanced Scorecard an important toniExplanation / Answer
Evaluating strategies on continues rather than a periodic basic is desired. Discuss the pros and cons of this statement:
Pros and cons of continuous strategy evaluation rather than a periodic.
Pros:
Continuous strategy is most fast paced where regular evaluations helps in identification and timely correctness based on pertaining conditions.
Continuous strategy can prove to be a better evaluation technique where the business is much prone to market risks, hence mitigating risks with time in hand is a major benefit for this evaluation method.
Achieving targets and monitoring performance indicators regularly to keep track on it can be better facilitated through continuous strategy evaluation.
Cons:
Periodic evaluation is better suited for businesses that heavily rely on inventory management and sales by inculcating continuous strategy will result in more work pressure and high costs due to regular monitoring.
Continuous evaluation can result in employee motivation deficit as they need to regularly update their work as according to the strategy deemed fit by the management and will hinder with the employees goals.
Why has strategy evaluation become so important in business today?
It is pertinent to the business plan that the strategies involved in developing the businesses potential these strategies need to be evaluated from time to time to review and improvise them. Periodic and continuous evaluation techniques are more and more being used and tested to come out with best management strategy to be more competitive in the market. Both of these evaluation methods needs commitment to be effective, preparation and identifying the tools for evaluation, engagement of management and staffs, as well as proper communication and feedback management are very crucial for the success of the evaluation technique.
Inculcating strategy in any business operations is crucial for the overall growth for the business, which sets measures to record the business performance like revenue growth, profitability, business expansion etc.
What type of quantitative and qualitative criteria should be used to evaluate a company’s strategy?
Quantitative:
Financial Reports:Cost of production, delivery time, Overall Equipment Efficiency (OEE), inventory handling costs, these reports highlight a business’s operational performance.
Annual Financial Reports:
By analysing annual financial reports such as balance sheet, profit and loss reports the management should work on the key areas of improvement because of which the numbers in the reports are been impacted.
Qualitative:
Measures such as skills and competency analysis and taking corrective action plans are part of the qualitative criteria measures.
Blue Ocean Red Ocean Strategy:
PETSEL Analysis
SWOT Analysis.
As owner of a local, independent barbecue restaurant, explain how you would evaluate the firm’s strategy.
The strategy of a restaurant is to boost profitability or for any business that is the ultimate plan but in order to do so many things are taken into consideration to formulate a sustainable strategy.
My strategy will be:
Identify and discuss five characteristics of effective strategy evaluation.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.