Why Evaluation and Control are Important in Strategic Management?
A strategy is not the endpoint or consequence of planning; rather, it is the beginning.
Without a strategy, a business has no way of steering the ship in the right direction. It attempts to coordinate and bring
business resources and actions in line with the organization's vision and mission.
Strategic plans outline the necessary steps required to achieve strategic business goals.
But, what is the need for evaluation and control? And what will happen if you don't evaluate your strategies or control your environment?
Let's find out.
The Need for Evaluation and Control
Strategic evaluations are the mode for testing the efficiency and effectiveness of
business strategies, and a way to determine whether the strategy that is being implemented is moving in the right direction or not. Evaluations also help identify the areas of improvement and the actions necessary to bring the performance back in line with organizational objectives. After you have successfully evaluated the changes required, you try to take control by implementing measures to help you get back on track. In conclusion, without evaluation and control, there is no way of knowing where you went wrong and how you could have done things contrarily.
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The need for evaluation and control can be further broken down to three primary reasons:-
The first step of strategic management includes defining a performance ideal as per the business objectives. This includes setting both qualitative and quantitative performance benchmarks to which all team members' actual performance will be compared.
Strategic evaluation work under the assumption that as the business environment today is so dynamic, variances will exist between the set performance benchmark and the actual performance. This is also known as ongoing analysis, which can only be done if there are continuous evaluation and control processes in an organization.
When strategic evaluations are used, they pinpoint areas where the business is not meeting strategic objectives, allowing managers and leaders to take corrective actions to solve the problem. If such corrective actions are not taken timely, there's a high chance of failure.
Also Read: Know how certification in strategic management
Bottom Line
Now, the importance of evaluation and control is evident. So, naturally, the next question is how to control and evaluate such strategies effectively? The answer lies in strategy & leadership online executive programs. One such program you can pursue is the online executive strategic management program by IIM Lucknow. The
online executive strategic management program by IIM Lucknow covers all the pertinent and dynamic aspects of strategic management. What's more is that you get the opportunity to learn from the expert and eminent faculty of
IIM Lucknow, one of the top B-schools in the country. So, there's that.
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More Information:
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What is Strategic management and why you need it?
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