Managerial Objectives and Planning - Nov 11

Managerial Objectives and Planning - Nov 11 - Managerial...

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Managerial Objectives and Planning -If you don’t know where you are going, any road will take you there. -Depending on where you “sit,” your goals can be quite different Organization – Maximize profits Employees – Higher wages Customers – Quality products Owners – higher dividends Management – Promotions Goals and strategies -objectives for performance -the starting point of successfully managing a business -the planned method of reaching a goal is the “strategy” Purpose of setting goals -provides direction guidance and motivation -assists in allocating resources -helps to define corporate culture -helps managers assessperformance Goals Vs. Objectives Goals: long term desired results Objectives: Short term “rungs in the ladder” one must achieve in order to reach the long term goal Setting goals and Objs Specific and measurable time oriented Realistic, yet challenging set by those responsible for reaching them Must be balanced Integrated to performance Appraisal Flexible
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