Summary and Extensions

Question 1

What are the major characteristics appropriate for an entity’s goals?

Answer 1

An entity's goals should be SMART:
Specific
Measurable
Attainable
Relevant
Time-bound

Question 2

Define “(external) environmental scanning”.

Answer 2

Environmental scanning is the assessment of the macro-environment in which an entity operates (or may operate) and the industry within that macro-environment. Thus, environmental scanning includes consideration and analysis of the economic system, economic market and industry in which an entity operates.

Question 3

What are appropriate components associated with the evaluation and control element in a strategic context?

Answer 3

1. Determine what characteristics (attributes) to evaluate and measure
2. Decide acceptable values (standards) for measurable characteristics
3. Measure targeted characteristics
4. Compare measurements with established acceptable values
5. Implement changes needed to correct variances