Why is Formative Evaluation Important in Business?
In the competitive business environment, companies must constantly innovate and improve their products, services, and processes. Formative evaluation provides several benefits:
Continuous Improvement: Helps in making incremental improvements by providing timely feedback. Risk Management: Identifies potential risks and issues early in the process. Resource Allocation: Ensures optimal use of resources by identifying areas that need more attention. Stakeholder Satisfaction: Involves stakeholders in the evaluation process, ensuring their needs are met.