Internal Factor Evaluation Matrix is a summary step when conducting an internal strategic-management audit.

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This statement is true. Internal Factor Evaluation (IFE) matrix is a strategic management tool used to evaluate an organization's strengths and weaknesses based on its internal factors such as resources, capabilities, and processes. It is a summary step in the internal strategic management audit, which helps organizations identify where they stand and what they need to do to improve their performance.

Internal Factor Evaluation Matrix Is a Summary Step When Conducting