Strategic evaluation and control is the process of determining the effectiveness of a given strategy in achieving the organizational objectives and taking corrective action wherever required. Anyway, the steps in strategic evaluation and control process are shown by the following figure:
Determine what to measure: managers need to specify what implementation process and results will be monitored and evaluated. Measurement must be found for all important areas, regardless of difficulty.
Establish a standard of performance: Standards are detailed expressions of strategic objectives. Standards should be set not only for output but also for intermediate stages.
Measure Actual performance:
Measurement helps compare actual performance with standards. Measurement must be made at predetermined times.
Compare actual performance with the standard: If actual performance results are within the desired tolerance range, the measurement process should be stopped here. It helps to find out deviations.
Take corrective action: If actual performance results fall outside the desired tolerance range then, actions must be taken to correct the deviation.
So, these are the various steps of strategic evaluation and control. It determines whether the performance standards are acceptable or not. If it is not acceptable then corrective actions steps may be taken.