Exam 9: Strategy Review, Evaluation, and Control

Controls need to be ________ rather than ________.

What term refers to the need for strategists to examine sets of trends, as well as individual trends, in evaluating strategies?

When measuring organizational performance, you need to compare expected results to actual results.

Believing it will make it easier for investors to compare firms across countries and make it easier to raise capital globally, most large accounting firms and multinational firms favor the switch to IFRS.

According to Rumelt, the final broad test of strategy is its

Changes in the organization's management, marketing, finance and accounting, production and operations, research and development (R&D), and management information systems (MIS)strengths and weaknesses should all be the focus of a revised EFE matrix in strategy evaluation.

Strengths, weaknesses, opportunities, cost and threats should continually be monitored for change because it is not really a question of whether these factors will change, but rather when they will change and in what ways.

Contingency plans should be as simple as possible.

According to author Alvin Toffler, what occurs when the nature, types, and speed of changes overpower an individual's or organization's ability and capacity to adapt?

The decreasing time span for which planning can be done with any degree of certainty is a reason strategy evaluation is more difficult today.

Measuring organizational performance includes comparing expected results to actual results, investigating deviations from plans, evaluating individual performance, and examining progress being made toward meeting stated objectives.

What are the three particular challenges that strategists face today?

With regard to the visible or hidden issue, most executives agree that

Identifying both good and bad events that could jeopardize strategies is the first step of effective contingency planning.

According to Richard Rumelt, consonance and consistency are mostly based on a firm's external assessment.

It is most effective to conduct strategy evaluation annually, at the end of the fiscal year.

What are some of the reasons for and against the U.S. adopting international financial reporting standards (IFRS).