Companies must have quantifiable and measurable strategic objectives so actual performance can be assessed and compared against planned metrics or figures. The sooner the monitoring and control start, the better. Time is of essence here so detecting any deviation from the original plan early in the implementation process can send signals and drive the team to think about potential courses of action. This must be an ongoing process, especially if we are dealing in a fast-paced environment.

The balanced scorecard is a great tool to use when comparing actual performance results versus the performance standards documented on the balanced scorecard. Many corporations use sophisticated systems to understand the health of the implementation of the strategic plan.

What are the risks associate with no having effective strategic controls in place? Please explain.