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Strategy Formulation and Implementation

1. How do you know you are effectively achieving your chosen strategy? What metrics can be used to measure success? Include both qualitative and quantitative measures in your response. Explain your rational.

2. Against what criteria should one assess risk in the development of a strategic plan? Explain your rational.

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1. How do you know you are effectively achieving your chosen strategy? What metrics can be used to measure success? Include both qualitative and quantitative measures in your response. Explain your rational.

One of the methods to measure the strategy success in management today is the balanced scorecard. A balanced scorecard is a central list of numbers, which show each key part of an organization's success, such as financials, people, operations, suppliers, customers, and support systems. The numbers should measure not just important outcomes, but also the factors which influence, or drive, those outcomes.

For example, profits are often high at 3M, but that is largely due to an innovative, high-quality product line. Those products are derived through strong organizational support for innovation and motivated, hard-working employees. A traditional measurement approach would only measure profits, and it would be easy for cost-cutters to trim back a rather high research and development budget - or force employees to stop wasting their time on frivolous ideas. Using an ...

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