Strategic Control – 4 Important Steps: Setting Performance Standards, Measuring Actual Performance, Analysing Variance and Taking Corrective Actions

Techniques for evaluating the effectiveness of a company’s strategy include evaluating internal and external forces that influence strategy execution, measuring company performance and determining appropriate corrective measures.

Strategic Evaluation is the final phase of strategic management. The strategy evaluation process involves analyzing your strategic plan and assessing how well you’ve done against achieving the goals in your strategy.

5 steps of the strategic planning process

1. Determine your strategic position.
2. Prioritize your objectives.
3. Develop a strategic plan.
4. Execute and manage your plan.
5. Review and revise the plan.

Step 1: Determine who your key stakeholders are and get their involvement in the evaluation process. Step 2: Describe the strategy you want to evaluate. Step 3: Design your evaluation plan and develop an action plan to carry it out. Step 4: Obtain the data you need to answer your evaluation questions.

• Setting performance standards,
• Measuring actual performance,
• Analysing variance, and.
• Taking corrective actions.

Evaluation Techniques for Operational Control: By studying their skills relative to those associated with primary and support activities, firms are able to understand their cost structure and identify their activities through which they can create value.

Strategic control is a way to manage the execution of your strategic plan. As a management process, it’s unique in that it’s built to handle unknowns and ambiguity as it tracks a strategy’s implementation and subsequent results.

Strategic evaluation and control is the process of determining the effectiveness of a given strategy in achieving the organizational objectives and taking corrective actions whenever required. Control can be exercised through formulation of contingency strategies and a crisis management team.

We’ve put together 7 types of evaluation that you need to know about to have an effective M&E system….Insights into the project’s success and impact, and highlight potential improvements for subsequent projects.

• Impact Evaluation.
• Summative Evaluation.
• Goals-Based Evaluation.

Different Evaluation Techniques

• Formative Evaluations. Formative evaluations are evaluations that occur during the process.
• Summative Evaluations. The summative evaluation occurs at the end of the program.
• Process Evaluation.
• Impact Evaluation.
• Outcome Evaluations.

6 Strategy Evaluation Tips & Techniques 1. Ensure that the most important components are in place. 2. Update your measures and projects first. 3. Evaluate your measures and projects second. 4. Update your goals. 5. Determine the “strategy story” for the reporting period. 6. Create your report.

Strategic evaluation and control, therefore, performs thecrucial task of keeping the organisation on the right track. In the absence of such a mechanism, there would be no means forstrategists to find out whether or not the strategy is producing thedesired effect.

Thus, there are two aspects in strategic control—evaluation of a strategic action and its results and taking necessary corrective actions in the light of this evaluation. Sometimes, control phase of strategic management is divided into two distinct parts—strategic evaluation and strategic control.

Strategic Surveillance Control Strategic surveillance is a broader information scan. Its purpose is to identify overlooked factors both inside and outside the company that might impact your strategy. This process ideally covers any “ground” that might be missed by the more focused tactics of premise and implementation control.