Graham maintains that formulation and implementation are phases in the strategic
management process. Yolanda maintains that evaluation and estimation are also part
of this process. Who is correct?
A. Yolanda is correct.
B. Both Graham and Yolanda are correct.
C. Graham is correct.
D. Neither Graham nor Yolanda is correct.
4. Graham maintains that formulation and implementation are phases in the strategic
management process. Yolanda maintains that evaluation and estimation are also part
of this process. Who is correct?
A. Yolanda is correct.
B. Both Graham and Yolanda are correct.
C. Graham is correct.
D. Neither Graham nor Yolanda is correct.
To determine whether Graham or Yolanda is correct regarding the phases of the strategic management process, we need to understand the typical components of this process.
The strategic management process is generally considered to involve several interconnected phases. These phases may vary slightly depending on the specific framework or model being used, but they usually include the following:
1. Environmental Analysis: Assessing the internal and external factors that can impact the organization's strategic decisions.
2. Strategy Formulation: Developing a clear and comprehensive strategy to achieve the organization's objectives based on the insights gained from the environmental analysis.
3. Strategy Implementation: Executing the chosen strategy by allocating resources, setting goals, and implementing specific plans and initiatives.
4. Strategy Evaluation: Continuously assessing the progress and effectiveness of the implemented strategy to ensure it remains viable and relevant. This involves monitoring key performance indicators, gathering feedback, and making necessary adjustments.
Based on this understanding of the strategic management process, we can evaluate the statements made by Graham and Yolanda.
Graham maintains that formulation and implementation are phases in the process. This statement aligns with the generally accepted understanding of these phases in strategic management.
Yolanda maintains that evaluation and estimation are also part of the strategic management process. This statement is accurate as well because strategy evaluation is considered a critical phase, and the process of estimation can be part of the environmental analysis and strategy formulation stages.
Thus, the correct answer is B. Both Graham and Yolanda are correct. Both formulation, implementation, evaluation, and estimation are part of the strategic management process.