ectives and Goals
Goals and Objectives
oals denote what an organization hopes to accomplish in a future period of time. They represent afuture state or an outcome of the effort put in now. A broad category of financial and non-financialissues are addressed by the goals that a firm sets for itself.Objectives are the ends that state specifically how the goals shall be achieved. They are concrete andspecific in contrast to goals which are generalized.
Role of Objectives
Objectives define the organisation¶s relationship with its environment.1.
Objectives help an organization to pursue its vision and mission.2.
Objectives provide the basis for strategic decision-making.3.
Objectives provide the standards for performance appraisal.
Characteristics of Objectives
Objectives should be understandable.1.
Objectives should be concrete and specific.2.
Objectives should be related to a time frame.3.
Objectives should be measurable and controllable.4.
Objectives should be challenging5.
Different objectives should correlate with each other.6.
Objectives should be set within constraints
Issues in Objective setting
hat Objectives are set
According to Drucker, objectives need to be set in the 8 vital areas of market standing, innovation, productivity, physical and financial resources, profitability, manager performance and development,worker performance and attitude, and public responsibility.According to B R Singh, objectives were set in areas like: