Str/581 Week 5 Discussion

STR 581 week 5Question 1Response 1Measurement is often used to track the performance of a strategic plan. The use of metrics can help a company assess how well it is achieving its goal and objectives (Parmenter 2015).The metrics I would use to assess performance would be Key Performance Indicators (KPI). For a strategy like Cost leadership, Acorda Therapeutics can measure this by looking at industry prices for the drugs they offer and comparing the same with their own prices.Response 2Defining metrics is important as it allows everyone in the organization to be clear on what is expected of them. Employees also need to be aware of how the metrics work and what role they have if any in influencing the metric chosen. A good metric is beneficial in the sense that it details the strategy, the general organizational direction and pushes performance.Response 3One way to define metrics is to use the SMART (specific, measurable, achievable, relevant and time-based) model. This model allows targets to be set in a way that is specific, achievable and relevant to the organization. The goals will also be measurable within a given time limit so the organization can determine whether it is headed