Strategic evaluation and control process
The process of evaluation basically deals with four steps:
1. Setting standards of performance-Standards refer to performance expectations.
2. Measurement of performance-Measurement of actual performance or results requires appraisal based on standards.
3. Analyzing variances- The comparison between standards and results gives variances.
4. Taking corrective action-The identifications of undesirable variances prompt managers to think about ways of corrective them.
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