Exam 9: Strategy Review, Evaluation, and Control

Competitive advantages normally are the result of superiority in one of three areas: feasibility, consistency, or consonance.

Small organizations require a more elaborate and detailed strategy-evaluation system, than large organizations do, because they are still evolving.

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

What are some of the reasons why strategy evaluation is becoming increasingly difficult with the passage of time?

In contingency planning it is crucial that strategists cover all bases.

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

In Rumelt's work, the final broad test of strategy is its

Alvin Toffler argues that environments are becoming so dynamic and complex that they threaten people and organizations with future shock, in his thought-provoking books entitled Future Shock and The Third Wave.

What has been shown to permit quick response to change, prevent panic in crisis situations, and make managers more adaptable?

The Balanced Scorecard approach addresses the question "How satisfied are the firm's customers?"

Explain why strategy evaluation can be a complex and sensitive undertaking.

The strategy-evaluation process should

According to Linneman and Chandran, identifying both good and bad events that could jeopardize strategies should be the first step in contingency planning.

The U.S. Chamber of Commerce is against the accounting switch from GAAP to IFRS, saying it will cause cross-border commerce to decline.

What corrective actions might a firm take during strategy evaluation?

Corrective action in strategy evaluation is necessary to keep an organization on track toward achieving stated objectives.

If success for one organizational department means failure for another department, then strategies may be

Too much emphasis on evaluating strategies may be expensive and counterproductive.

The U.S. Chamber of Commerce supports a change from to IFRS to GAAP, saying it will help the United States compete in the world economy.

Strategy-evaluation activities must be meaningful, that is, they should specifically relate to a firm's objectives.