Evaluating Your Strategic Plan

Name: Evaluating Your Strategic Plan
Author: KnowledgeCity

Learn how to evaluate your strategic plan

Preview the first lesson free — get full access to all 2 lessons.

Course: On-Demand

(cheerful music) It may feel like the hardest part is over once you've developed the strategic plan, connect to performance measures, and announced it to your organization. The real work involves maintaining a focus on the plan's actions and measures. This is where leadership and management teams can set the example by incorporating a regular review of the actions and measures that support the strategic plan. There is no magical formula for evaluating the strategic plan and KPIs. The review process and frequency of review is unique to individual organizations. The key is consistency in incorporating some type of review on a regular basis. Many organizations have a quarterly review of operations to assess actions and activity performance. This frequency could be beneficial for covering the strategic plan's progress and a review of the KPIs. A quarterly review of the strategic plan's KPIs provides a side-by-side review of your organization's activities, and its impact on the broader strategies. For example, manufacturing activities, such as units produced and shipped, serve as inputs into your organization's KPI on revenue. This type of micro and macro review also provides an opportunity to detect positive or negative trends that may impact your organization's strategy. Recognizing trends can serve as inputs to course corrections in the action plan supporting the overall strategy. Using the Balanced Scorecard's customer perspective as an example, a strategic plan element for customer retention could be tied to metrics for on-time delivery. Reviewing on-time delivery on a regular basis could determine where issues may be developing in manufacturing, as well as in the purchasing process. Issues may impact on-time delivery to customers, which could have a negative impact on customer retention. Consider the use of a metrics and KPI dashboard to show these micro and macro performance measures together. This type of display shows the connection of the activity-based metrics to the process-based KPIs. It also helps to visually display the progress of each, as well as any trends that may be developing. Incorporating the use of a Performance Measures Dashboard has several benefits. It's a tool that leaders and managers can use regardless of the function or department they represent. It can also show both performance history and forecasts based on current performance, which can answer the question, "Will the process meet the goal or target?" The dashboard can be used to see how any changes to the process or action plans have impacted the performance. This is, after all, the whole purpose of implementing performance measures.

Beginner Provider : KnowledgeCity 2 Lessons · 5m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

This module covers how to evaluate your strategic plan by maintaining focus on your plan’s actions and objectives. It also covers strategies that will help you determine when to make necessary changes to your plan.

What You'll Learn

Evaluate your strategic plan using performance metrics
Distinguish between a micro review and a macro review
Utilize a progress assessment to track your plan's actions and objectives
Determine when to make necessary changes to your plan
Maintain focus on your plan's actions and objectives

Key Takeaways

Evaluating a strategic plan involves maintaining focus on the plan's actions and objectives.
Performance metrics can be used to evaluate the strategic plan.
There is a difference between a micro review and a macro review of a plan.
A progress assessment can be used to gauge how a plan is performing.
Specific strategies help determine when to modify the plan.

Frequently Asked Questions

What does this module cover?

This module covers how to evaluate your strategic plan by maintaining focus on the plan's actions and objectives, and it covers strategies that help you determine when to make necessary changes to your plan.

What will I learn in this course?

You will learn how to evaluate your plan with performance metrics, the difference between a micro and a macro review, how to utilize a progress assessment, and when to modify your plan.

What lessons are included?

The course includes two lessons: Evaluating the Strategic Plan with Performance Metrics, and When to Make Changes.

Does this course explain when to change a strategic plan?

Yes. The module covers strategies to help you determine when to make necessary changes to your plan and teaches you when to modify it.