Evaluating with Criteria

Question 1

Define evaluate

Answer 1

To decide or formulate a credible judgement on a situation, using criteria

Question 2

What are the four criteria used in evaluations in business?

Answer 2

• Competitiveness
• Effectiveness
• Efficiency
• Stakeholder satisfaction

Question 3

What can competitiveness evaluation be used for?

Answer 3

Can be used to make judgements on two businesses, and on which one has performed more effectively than the other

Question 4

List the factors that affect competitiveness

Answer 4

• Customers
• Performance
• Growth Plans
• Resources
• Strategies
• Technology
• Financial stability
• External environment

Question 5

What is the question used to prompt evaluating using effectiveness as a criterion?

Answer 5

To what degree has the business achieved goals and/or objectives and to what extent has the business solved targeted problems?

Question 6

What can an effectiveness evaluation be used for?

Answer 6

• Can be used to determine the outcome of a problem-solving model, selecting the best or most strategic solution
• How small wins contribute to the big picture of a business

Question 7

What is the question used to prompt evaluating using competitiveness as a criterion?

Answer 7

To what degree has the business offered products or services that meet or exceed market standards in relation to other businesses?

Question 8

What is the question used to prompt evaluating using efficiency as a criterion?

Answer 8

To what degree has the business optimised its use of resources and application or processes in achieving goals and/or objectives?

Question 9

What can an efficiency evaluation be used to judge?

Answer 9

• the length of time used to complete a task
• the speed in which processes are completed
• the rate of output
• the reduction of negative impacts
• the quantity of resources used and the frugal spending to reduce costs

Question 10

What is the question used to prompt evaluating using stakeholder satisfaction as a criterion?

Answer 10

To what degree has the business considered and managed stakeholder expectations in achieving goals and/or objectives?

Question 11

What must businesses know or understand before using stakeholder satisfaction as a criterion for evaluating?

Answer 11

• Key understanding of each stakeholder’s motives
• Not all stakeholder views are weighted equally, a business must align its stakeholder satisfaction strategies with its overall goals