This chapter discusses strategy evaluation, review, and control. It outlines several frameworks for evaluating strategy, including Rummelt's four criteria of consonance, consistency, feasibility, and advantage. It also discusses the balanced scorecard approach and measuring organizational performance both quantitatively using financial ratios and qualitatively. Challenges to modern strategy evaluation include increased complexity, faster changes, and debates around transparency and top-down vs bottom-up processes. The key is for evaluation to provide timely, accurate information to allow corrective actions if needed.

2. Chapter Outline The Nature of Strategy Evaluation A Strategy-Evaluation Framework The Balanced Scorecard

3. Chapter Outline Published Sources of Strategy Evaluation Information Characteristics of an Effective Evaluation System Contingency Planning

4. Chapter Outline ( cont’d ) Auditing 21 st Century Challenges in Strategic Management

11. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria

13. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria

15. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria

17. Strategy Evaluation, Review & Control Consonance Consistency Feasibility Advantage Rummelt’s 4 Criteria

27. Evaluation Framework Continue present course Differences? Differences? Yes NO Yes NO I. Review Underlying Bases II. Measure Firm Performance III. Take Corrective Actions

35. Balanced Scorecard 2 1 Financial 2 1 Business Ethics/Natural Environment 2 1 Community/Social Responsibility 2 1 Operations/Processes 2 1 Managers/Employees 2 1 Customers Primary Responsibility Time Expectation Measure or Target Area of Objectives

37. Strategy-Evaluation Assessment Matrix Continue course Yes No No Corrective actions No Yes No Corrective actions Yes Yes No Corrective actions No No Yes Corrective actions Yes No Yes Corrective actions No Yes Yes Corrective actions Yes Yes Yes Corrective actions No No No Result Has the firm progressed satisfactorily toward achieving its stated objectives? Have major changes occurred in the firm’s external strategic position? Have major changes occurred in the firm’s internal strategic position?