After a Strategic Plan has been developed, approved and implemented, its progress should be monitored, reviewed and evaluated to determine if the specific strategic objectives are being met.
1. Describe, in detail, the process of developing a Strategic Plan Review Process for an existing strategic plan a company may already have in place. In your discussion be sure to identify and discuss (with an example) some of the quantitative business metrics and qualitative standards or benchmarks that might be evaluated.
2. Provide an example of “one hypothetical strategy” and describe how a strategic review process might be conducted to monitor and review that strategy.
Please focus your responses on the various tools and methods discussed in this course as well as other courses you have taken in the Business program. Be sure to use specific examples in your discussion, and reference specific course work that you used.
After viewing the video “Strategic Management: Strategy Evaluation and Control” located in the supplemental Read/Review area in the Week 8 course content, describe why the Balanced Scorecard method may or may not be useful in the monitoring and evaluation process.
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