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Describe each of the activities that comprise strategy evaluation

09/01/2021 Client: saad24vbs Deadline: 2 Day

Chapter 9: Strategy Review, Evaluation, and Control


Chapter 9: Strategy Review, Evaluation, and Control


CHAPTER 9

Strategy Review, Evaluation, and Control

True/False

The Nature of Strategy Evaluation

1. Most strategists believe that an organization’s well being depends on evaluation of the strategic-management process.


(t; easy; p. 298)


2. Adequate, timely feedback is important to effective strategy evaluation.


(t; easy; p. 298)


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


(t; medium; p. 298)


4. Strategy evaluation should have a long-run focus and avoid a short-run focus.


(f; medium; p. 299)


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


(f; medium; p. 299)


6. According to Rumelt, consistency and feasibility are largely based on a firm’s internal assessment.


(t; medium; p. 299)


7. Consistency, distinctiveness, advantage and feasibility are Richard Rumelt’s four criteria for evaluating a strategy.


(f; medium; p. 299)


8. Strategy evaluation is becoming increasingly easier with the passage of time, given the technological advances.


(f; difficult; p. 300; AACSB: Reflective thinking skills)


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


(t; medium; p. 300; AACSB: Reflective thinking skills)


10. Strategies may be inconsistent if policy problems and issues continue to be brought to the top for resolution.


(t; easy; p. 300)


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


(f; medium; p. 300; AACSB: Reflective thinking skills)


12. Regardless of the size of the organization, a certain amount of management by wandering around at all levels is essential to effective strategy evaluation.


(t; medium; p. 301)


13. Because large companies have more at stake, it is more important for large organizations to conduct strategy evaluation than small companies.


(f; easy; p. 301)


14. The end of the fiscal year is the best time to do strategy evaluation.


(f; medium; p. 301; AACSB: Reflective thinking skills)


A Strategy-Evaluation Framework


15. Changes in the organization’s management, marketing, finance, R&D and CIS strengths and weaknesses should all be the focus of a revised EFE matrix in strategy evaluation.


(f; medium; p. 300; AACSB: Analytic skills)


16. In strategy evaluation, a revised IFE matrix should indicate how effective a firm’s strategies have been in response to key opportunities and threats.


(f; medium; p. 302; AACSB: Reflective thinking skills)


17. Strengths, weaknesses, opportunities 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.


(t; medium; p. 302)


18. When taking corrective action, you need to compare expected results to actual results.


(f; easy; p. 302)


19. Criteria for evaluating strategies should be measurable and easily verifiable.


(t; easy; p. 302)


20. Specific financial ratios are rarely used criteria to evaluate strategies.


(f; medium; p. 302)


21. 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.


(t; medium; p. 304; AACSB: Reflective thinking skills)


22. Intuitive judgments are almost always involved in deriving quantitative criteria.


(t; medium; p. 304)


23. Most quantitative evaluation criteria are geared to long-term objectives rather than annual objectives.


(f; medium; p. 304; AACSB: Analytic skills)


24. Measuring organizational performance requires making changes to reposition a firm competitively for the future.


(f; medium; p. 304)


25. Taking corrective actions does not necessarily mean that existing strategies will be abandoned, or even that new strategies must be formulated.


(t; medium; p. 305)


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


(t; easy; p. 305)


27. 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.


(t; medium; p. 305; AACSB: Reflective thinking skills)


28. Future shock occurs when the type and speed of changes overpower an individual or organization’s ability and capacity to adapt.


(t; medium; p. 305)


29. According to research, participation in strategy-evaluation activities is one of the best ways to overcome individuals’ resistance to change.


(t; medium; p. 305)


The Balanced Scorecard


30. The basic form of a Balanced Scorecard is the same for all organizations and industries.


(f; easy; p. 306)


31. The Balanced Scorecard Approach deals with the question, “How satisfied are the firm’s customers.”


(t; medium; p. 306)


Published Sources of Strategy-Evaluation Information


32. Each year, Fortune publishes strategy evaluation research on both the United States and other countries.


(t; medium; p. 306)


33. The most admired company in the world in 2007 was Apple.


(f; medium; p. 308)


Characteristics of an Effective Evaluation System


34. Strategy-evaluation activities must be meaningful, i.e., they should specifically relate to a firm’s objectives.


(t; medium; p. 308)


35. Timely approximate information is generally more desirable as a basis for strategy evaluation than accurate information that does not depict the present.


(t; easy; p. 308)


36. The test of an effective evaluation system is its usefulness and complexity.


(f; medium; p. 308)


37. Small organizations require a more elaborate and detailed strategy-evaluation system because they are still evolving.


(f; medium; p. 308; AACSB: Reflective thinking skills)


38. There is no one ideal strategy-evaluation system for all organizations.


(t; easy; p. 309)


Contingency Planning


39. Contingency plans are alternative plans that can be put into effect if certain key events do not occur as expected.


(t; medium; p. 309)


40. Organizations should prepare contingency plans just for unfavorable events.


(f; difficult; p. 309)


41. Strategies should try to cover all bases by planning for all possible contingencies.


(f; medium; p. 309)


42. Contingency plans should be as simple as possible.


(t; easy; p. 309)


43. Alternative strategies not selected for implementation should be discarded, as they have a tendency to contaminate the contingency plans.


(f; medium; p. 298; AACSB: Reflective thinking skills)


44. Identifying both beneficial and unfavorable events that could possibly derail the strategy or strategies is the first step of effective contingency planning.


(t; medium; p. 311)


Auditing


45. Independent auditors, government auditors and IRS auditors are the three groups of people who perform audits.

(f; medium; p. 311)


46. Independent auditors are basically CPAs who provide their services to organizations for a fee.


(t; easy; p. 311)


47. Public accounting firms usually avoid strategy evaluation services.


(f; medium; p. 312)


48. China is home to 16 of the world’s 20 most polluted cities.


(t; easy; p. 312; AACSB: Multicultural and diversity understanding)


49. Over 90 percent of China’s energy is derived from solar and nuclear power.


(t; medium; p. 313; AACSB: Multicultural and diversity understanding)


50. Two government agencies—IRS and GAO—employ government auditors responsible for making sure organizations comply with federal laws, statutes and policies.

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