Essays on Principles and Challenges of Strategy Evaluation Article

Tags: Strategy
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The paper 'Principles and Challenges of Strategy Evaluation" is a good example of a management article. According to Rumelt in his article on the strategy process, the business is considered using its people working within and the cash flow that makes a business. The management of the company and its working people are the most critical part of the success of a business than the money and the managerial department. The article further stresses the need for competent management in the industry which is considered to deliver the purpose of the industry’ s existence in the market.

For the industries in the market, there exist a lot of differences in the way of dealing with things, the strategic competences exhibits some uniqueness which shows the difference in the way of doing things in terms of management and normal operations of the industry. Evaluation of business strategy In this topic, the article explores more on the reason behind the business evaluation and the benefits that it has to the success of the industry. In many industries, evaluating strategy is a way to assess its performance in consideration to a certain period of time set.

According to the article, the business finds out how its profits are coming in, the process ensures that the profits are in line with the actual performance of the business. The article further shows how important it is for the business to look beyond its short term progress by assessing its performance in relation to the future possible changes. Through evaluation, the industry has to put across its main objectives and goals to be achieved in both the short term and long term period of operation.

According to Richard Rumelt in his article, strategy for a company cannot be formulated or changed without the company evaluating the strategy to be followed. In this topic, the article faces some weakness as it concerns itself with profit-making companies, according to Rumelt the company has to keep on reviewing its strategies in order to check on its performance. The article does not mention how to evaluate the performance of organizations which are less profit-oriented. Challenges of strategy evaluation As much as the article recognizes the need for strategy evaluation, it looks at the questions lingering the need for the strategy evaluation.

Some of the questions in the article include; Whether the objectives of the industry are appropriate Appropriateness of the policies and plans Comparison between the results obtained and the assumptions laid down by the strategy Some of the issues that make an evaluation to be a difficult process are named below; Business strategy for many industries is unique depending on the situation at hand. Each business has its unique focus to achieve its objectives; one industry may focus on its quality machines to improve on production while another may focus on its strong inputs to for quality production.

These two different strategies may be wrong or right depending on the objectives to be achieved. The uniqueness poses a challenge as one business may not adapt to another strategy, it as to look at the situation at hand and find which one is beneficial. The focus of the strategy is on the achievement of goals and objectives for the industry. The management is more concerned with the attainment of the goals and objectives in the short run and long run than on evaluating them.

This becomes a problem as it involves the ability to solve the existing problems rather than being in a position to structure the problem. The idea of strategy evaluation in the business in most cases may create opposing facts and confusion in the industry. The idea of strategy evaluation looks beyond solving a problem to achieve the set objectives and goals, this counter the idea behind management in today’ s industries.

References

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Galliers, R.D. and Leidner, D.E., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.

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Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.

Galliers, R.D. and Leidner, D.E., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.

Eriksson, P. and Kovalainen, A., 2015. Qualitative Methods in Business Research: A Practical Guide to Social Research. Sage.

Rosemann, M. and vom Brocke, J., 2015. The six core elements of business process management. In Handbook on Business Process Management 1(pp. 105-122). Springer Berlin Heidelberg.

Hair, J.F., 2015. Essentials of business research methods. ME Sharpe.

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