The last step in the exercise cycle before you start over with Strategy / Plan is:

a. Design and Conduct.

b. Conduct and Evaluation.

c. Improvement planning.

d. None of the above.

The most probable and the most likely answer to this would be C. Improvement planning.

The last step would involve the looking back to what transpired the cycle and preparing for the start of the next one. Designing and conduct would fall right under improvement planning since some tweaks would be applied there. Conduct and evaluation would be the one before improvement planning which is where all the stuff happens. In improvement planning, you improve the plan as what it says and basing from what transpired from the previous steps.