-Abhishek Khod -Harleen Bajwa

Strategic management and planning process completes its cycle with the review and evaluation of strategy. Terminal part of strategic management process. How far has the strategy been implemented can be known only by evaluating the strategy at a definite time interval implemented in letter and spirit of the vision, mission, goals and objectives of the organisation.

It results in decisions having long lasting important consequences. Therefore, strategy evaluation consists of three basic activities

Examining underlying basis of firms strategy. Comparing expected results with actual results. Taking corrective actions to ensure that performance conforms to plan.

Need of Feedback. Appraisal and Reward. Check on validity of strategic choice. Co-ordination between different decisions and intended strategy. Successful strategic management process. Creating impact for new strategic planning.

Wrong postulation in planning. Laxity on part of Managers. To develop right reward system. Formulation of new strategy. Integrating individual tasks. Keeping check on validity of strategic choice. Taking supporting decisions.

Premise Control Implementation Control Strategic Surveillance Special Alert Control

To make it most effective, operational control system must take four steps to control all post-action controlsSet standards of performance. Measure actual performance. Identify deviations from standards. Initiate corrective action or adjustment.

The Types of Operational Control Systems are Budgeting

Control Systems Scheduling Key Success Factors (KSF)

Shareholders Government Lenders -Financial Institutions -Banks Government through its different Agencies

The Board of Directors Chief Executives SBU or Centre Heads Financial Controllers Audit and Executive Committees Middle Level Managers

Limit of Controls Difficulties in Measurement Resistance to evaluation Short-term Nature Relying on Efficiency versus Effectiveness