Learn something new every day
More Info... by email
A strategy evaluation is a process in which a specific approach or method is carefully assessed in order to determine how effective the activity is, and if there is room for improvement. This type of evaluation can occur before, during, and after the implementation of a strategy, making it possible to adapt or change the approach when and as needed. A strategy evaluation can be conducted on any type of business practice, including assessing how employee and employer evaluations are conducted, a procedure on a manufacturing floor, or the steps taken to manage some type of administrative function.
When conducting a strategy evaluation, every aspect of the strategy under consideration is looked at very closely. Each step in the process is evaluated for efficiency and effectiveness, as well as its relevance to the task that the step is associated with. The connection with the previous and next steps is also scrutinized closely, in an effort to determine if there is some way to modify or adapt the step in order to increase that efficiency. In some cases, a step that was once necessary to the process may be found to no longer be of help, and actually be replaced or discarded altogether.
Along with looking closely at the mechanisms within the process, a strategy evaluation will also seek to determine if that approach is successful. This is usually done by establishing a minimum return that is expected from the process, and using available data to ascertain if the results are in line with those expectations. If the methodology falls short, this is an indication that the strategy needs to be reworked in order to achieve more desirable results, or replaced with a different strategy that is more effective.
Use of strategy evaluation as a business tool can occur at all levels of a company operation. Individuals may conduct a self-evaluation related to the tasks assigned as part of their job descriptions, and assess the effectiveness of the processes used. Departments may also use this approach to identify methods that will improve productivity and make the operation run more smoothly. Sales teams can benefit from a strategy evaluation that assesses the effectiveness of certain sales techniques, allowing the team to hone their approaches and hopefully generate additional sales that translate into more revenue for the company. Even company owners and executives can use this concept to improve communication within the organization and fine-tune various aspects of the upper management functions in order to make the company stronger.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!