- 5 Marks
Question
Strategy evaluation is as important as strategy formulation. One of the tools used in resource audit as part of strategy evaluation and control is the Ms Model. Identify and explain any FIVE (5) elements in the Ms Model. [5marks]
Answer
Elements in the Ms Model
Resource audits identify human, financial and material resources and how they are deployed. A resource audit is a review of all aspects of the resources the organisation uses. The Ms Model categories the factors as follows:
Resource Example Machinery Age. Condition. Utilization rate. Value. Replacement cost. Make-up Culture and structure. Patents. Goodwill. Brands Management Size. Skills. Loyalty. Career progression. Structure. Management information Ability to generate and disseminate ideas. Innovation. Information systems. Markets Products and customers. Specialized or general, national, international. Materials Source. Suppliers and partnering. Waste. New materials. Cost. Availability. Future provision. Men and women Number. Skills. Efficiency. Industrial relations. Adaptability. Innovatory capacity. Wage costs. Labour turnover. Methods How are activities carried out? Outsourcing, quality. Money Credit and turnover periods. Cash surpluses/deficits. Short-term and long-term finance. Gearing levels. Debts.
- Tags: Internal analysis, Ms Model, Resource audit, Strategic Management
- Level: Level 2
- Topic: Strategy evaluation and control
- Series: NOV 2015
- Uploader: Theophilus