Strategy Review, Evaluation, & Control

Flashcards focused on key concepts related to strategy review, evaluation, and control in strategic management.

Strategy Obsolescence

The condition where strategies become ineffective and outdated due to changes in internal or external environments.

Dynamic Environments

Environments that are constantly changing and require firms to adapt their strategies accordingly.

Feasibility

A criterion for evaluating a strategy that assesses whether it can be realistically implemented.

Rumelt's Criteria

A set of four criteria (Consistency, Consonance, Feasibility, Advantage) used to evaluate a firm's strategy.

Complexity in Environment

The increase in variables and unpredictability that complicates strategic planning.

Rate of Obsolescence

The speed at which strategies or plans become outdated or ineffective.

Quantitative Criteria

Numerical measures used to assess the performance and effectiveness of a strategy.

Balanced Scorecard

A strategic planning and management system used to align business activities to the vision and strategy of the organization.

Contingency Planning

The process of preparing alternative plans that can be implemented if key events do not occur as expected.

Auditing in Strategy

The process of evaluating whether a firm's strategies align with its strategic plans and established criteria.