Management By Objectives - 5482 Words

Unit -7 Management by Objectives Unit-07 Management by Objectives Structure of Unit Structure of Unit 7.0 7.0 Objectives O b j e c t i v e s 7.1 7.1 Introduction t I n r o d u c t i o n 7.2 7.2 What is Management by Objectives (MBO)? by What is Management Objectives (MBO)? 7.3 7.3 Features of Management Management(MBO) by Features of Objectives (MBO) by Objectives 7.4 The Process of Management by Object ives (MBO) 7.4 The Process of Management by Objectives (MBO) 7.5 Import ance and Advant age of MBO 7.5 Importance and Advantage of MBO 7.6 Weaknesses and Criticism of MBO 7.6 Weaknesses and Criticism of MBO MBO 7.7 Making Effective 7.8 7.7 Making MBO Effective m S u m†¦show more content†¦Today, MBO is used not only as a technique of goal setting but also as a total system of planning, motivation, performance appraisal and self-control. Synchronizing goals and subordinate Objectives 7.2 What is Management by Objectives (MBO)? MBO is difficult to define. Organizations useTracks performance different reasons. In it in different ways and for broad terms, it may be stated that MBO is both a philosophy and an approach of management. It is a process in which superiors and subordinates sit together to identify the common objectives and set the Enhances organizational performance goals which are to be achieved by the subordinates, assess the contribution of each individual and integrate individual objectives with those of the organisation so as to make best use of the available resources Fig. 7.1 Management by objectives (MBO) 87 of the organisation. Get duly communicated to all who are concerned with it; Align short-term objectives to medium and long-term objectives; and MBO is a system in which specific performance objectives are determined through participative approach. Progress towards objectives is periodically reviewed and rewards determined accordingly. In other words it refers to a formal, or moderately formal, set of procedures that begins with goal setting and continues through performance review. The key to MBO is that it is a participativeShow MoreRelatedManagement by Objectives1215 Words   |  5 PagesManagement by Objectives Motivating employees seems to be a challenge for managers - Discuss the advantages and disadvantages of the MBO program and provide at least one example to support your discussion. Goal-Setting Theories have evolved since the 50s and have an impressive documented literature. The Goal-Setting Theory addresses the issues that goal specificity, challenge, and feedback have on performance (Robbins, 2009, p185). Setting goals and motivating employees are always an importantRead MoreManagement by Objectives1214 Words   |  5 PagesMANAGEMENT BY OBJECTIVES (MBO) is a practical application of the reasoning behind the notion of goal-setting theory. MBO is a process in which employees participate with management in the setting of goals or objectives. An essential feature of an MBO program is that it involves a one-on-one negotiation session between a supervisor and subordinate in order to set concrete, objective goals for the employee’s performance. During the session a deadline is set for the measurement of accomplishment, andRead MoreManagement By Objectives (MBO) Essay972 Words   |  4 PagesI have selected the Management by Objectives (MBO) theory of manag ement because this relates the most to my business ideas and current working environment. The MBO approach uses many familiar processes that I am accustomed to using such as goal setting, employee participation, and feedback. Using all of these tools has helped to increase overall job performance and help to provide a more informed employee and management team. The performance of the management has to be the same goals as the businessRead MoreManagement Analysis : Management Process906 Words   |  4 Pages Management by Objectives, MBO, is a management process where managers and employees decide together what goals the employee should work to achieve. The goals set for the employee are agreed upon by both the employee and the manager. The employee is evaluated based on these goals and may be given a raise or a promotion if they have achieved the set goals within some set period of time. This management process was first introduced by Peter Drucker in his 1954 book â€Å"The Pract ice of Management† withRead MoreStrategic Management : Objectives And Objectives1343 Words   |  6 Pagesstrategic management defined in the text, and what are its four key attributes? 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By clearly setting the goals for the organization, it allows employees to see how their daily activities can help the organization achieve the goals that they have set out to accomplish. Using management by objective allows for an organization to better measure employee performanceRead MoreStrategic Management : Objectives And Objectives Essay1493 Words   |  6 Pages1. Strategic management to my understanding simply means how any organization manages its resources in order to accomplish its goal and objectives. It engages the setting up of objectives, analyzing the competitive environment and evaluating strategies and making in no doubt it all revolve out transversely in the organization. The below flow chart specifies the process of planning, implementation and review components for strategic management. According to me, some of the reason as to whyRead MorePerformance Management At The Retail Store1519 Words   |  7 Pages Performance Management In the retail store that in which I work as an HR manager clothes are sold along with shoes, handbags, linens, etc. Recently my company had its worst quarter and being the HR manager I have asked by the upper management to improve the performances of the retail store employees on an immediate basis so that the sales and merchandise of the store can be improved and good customers can be retained along with attracting new customers. When I got into the process of assessing the