Mb601 Strategic Management

Strategic Management: Strategic AuditDISCUSSION QUESTION 5-2Strategic ManagementLesson 5: Other Strategic IssuesDiscussion Question 2 (50 points)Assess and elaborate on the following elements of a strategic audit. (50 points) (A 2-page response is required.)The advantages of a strategic audit The need that is filled by a strategic audit The advantage of a continuous strategic auditThe source of the effectiveness of a strategic audit What a strategic audit providesGrading RubricPlease refer to the rubric on the following page for the grading criteria for this assignment.Advantages of a strategic auditUnlike other forms of audits, a strategic audit considers the business strategy used to determine how effective strategies are implemented. In other words, a strategic audit is customized to ask the right questions about a business rather than asking similar questions for all businesses. Another advantage of strategic audit is the evaluation of strategies. It looks at the performance of a business in the marketplace and the contribution made by the strategies (Petrova & Roshchina, 2018). That helps the management to know whether the implemented strategies are working. A strategic audit also highlights the risks of the strategies used. Risk management is an