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The Most Commonly Used Evaluation Methods - Case Study Example

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This paper "The Most Commonly Used Evaluation Methods" discusses various methods of evaluation that are available and it is up to the strategy consultant to use the right methodology. Each evaluation method has its own advantages and disadvantages and its application would differ across the industry…
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The Most Commonly Used Evaluation Methods
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Download file to see previous pages This requires an understanding of objective data and subjective intuitions. Each has strengths and weaknesses and is helpful in management decisions. The objective date provides the most credible information from the point of external reviewers but at times certain data may be missing in which case subjective intuition is helpful. In the organizational context, several methods of evaluation have been developed and this paper will address the most commonly used evaluation methods.

In organization decisions and actions have to be taken by the management in consultation with all levels within the organization. Many approaches and techniques are used to analyze and make decisions. A SWOT analysis evaluates the Strengths, Weaknesses, Opportunities, and Threats to an organization. SWOT analysis is an important support tool for decision making which helps an organization to build strategies or exploit strengths and overcome threats (Yuksel & Dagdeviren, 2007). The strengths and weaknesses are analyzed by an internal environment appraisal while the opportunities and threats through external environment appraisal. These strategic factors are summarized by the SWOT analysis. The comprehensive environmental analysis helps to recognize the internal and external forces with which an organization is confronted. It also allows comparing internal and external factors. These forces may carry potential stimulants or potential limitations concerning the objectives that the firm wishes to achieve.

The obtained information is systematically represented in a matrix that helps the firm to determine the strategic process. Although SWOT analysis is a good base for strategy formulation it has its own weaknesses. The magnitude of the factors is not quantified to determine the effect of each factor on the strategy adopted. This implies that SWOT analysis does not provide an analytical means to determine the relative importance of the factors. The individual factors described are general and brief. Even though internal and external factors can be compared, the result of SWOT analysis remains an incomplete qualitative examination of the internal and external factors.  ...Download file to see next pagesRead More
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