MS 11 IGNOU MBA Solved Assignment -Discuss as to why evaluation of a strategy is important for an organization. Support your answer with the help of an example from the corporate world.

Discuss as to why evaluation of a strategy is important for an organization. Support your answer with the help of an example from the corporate world.Ans :
Strategy is a plan of action developed to achieve a specific goal or objective. Strategic business planning isn't just for large companies. It's also required for small and mid-sized companies competing in markets that have become smaller due to technological advances that have increased the interconnection of markets. Strategic evaluation is the assessment process that provide executives and managers performance information about programs, projects and activities designed to meet business goals and objectives
 Strategic PlanningCorporate-level strategies are developed to ensure that value is created in excess of its cost. The best business strategies will add more value than those of your competitors. This requires business leaders to identify where the opportunity for improvement exists and assess the company's current capability to seize them using existing human and capital resources.
Nuts and BoltsLook to the company's business goals and objectives when evaluating business strategies that have already been implemented. Projects, tasks and activities are developed to move these goals and objectives forward, which is best achieved by what "Management Review" calls the SMART criteria: specific, measurable, achievable, relevant and time-limited. This gives management the opportunity to set milestones and assess the progress toward strategic business goals and objectives.
Business PerformanceHenry Mintzberg states in "The Rise and Fall of Strategic Planning" that the main failings in strategic planning relates to elaborate processes, detached management and an over-reliance on hard data. Regarding the latter, Mintzberg made an argument for "soft data," such as contacts, networks and communications with customers, employees and suppliers. While these more intuitive and qualitative assessments are important, hard data about the company's performance -- such as industry and competitors' performance data -- is at least equally important in evaluating the effectiveness of strategies.
Reassessing GoalsAn organization's performance data might be the key indication that business goals and objectives need to be reviewed and re-evaluated. For example, under-performing program and project outcomes might result from several factors. For example, this might include inefficient team performance, changes in the needs of the targeted market or ineffective or flawed strategies.