Reference no: EM132758191

Question: The final component of the strategic management process is strategic control. Control means Learning and Change. But most of the organizations do not change after they find the problems and learned from past mistakes.

A strategic control system is designed to support managers in evaluating the organization's progress with its strategy and, when discrepancies exist, taking corrective action. The system must encourage efficient operations that are consistent with the plan while allowing flexibility to adapt to changing conditions.

As with all control systems, the organization must develop performance indicators, an information system, and specific mechanisms to monitor progress.

Most strategic control systems include a budget to monitor and control major financial expenditures. In fact, as a first time manager, you will most likely confront your work unit's budget- a key aspect of your organization's strategic plan. Your executive team may give you budget assumptions and targets for your area, reflecting your part in the overall plan, and you may asked to revise your budget once all the budgets in your organization have been consolidated and reviewed.

Describe the Four Control Cycle in detail.