The objectives of management are to create achievable goals and purposes for managers to implement and strive to achieve, optimize resources, and minimize the element of risk.
Management by objectives(MBO) is a strategic approach to improving the performance of an organization. It is a process in which management defines and transmits the goals of the organization to the members of the organization with the intention of achieving each objective. Management must reconcile personal goals with organizational objectives to ensure harmony in the organization. Setting goals is not only critical to the success of any company, but it also serves a variety of purposes.
The management of any organization achieves the personal goals of employees by focusing on and satisfying the personal needs of individual employees. The most important objectives of management are to use the various resources of the company in the most economical way. While the management approach by objectives is necessary to increase the effectiveness of managers, it is equally essential to monitor the performance and progress of each employee in the organization. Setting targets for various factors of production will help them improve their performance.
The goal of sound management has always been to produce better quality products at a minimum cost. Management carries out research and development to lead its competitors and face the uncertainties of the future. The objectives set by supervisors are provisional and are based on an interpretation and evaluation of what the company can and should achieve in a specific time. Management maintains discipline and increases people's morale by applying the principles of decentralization and delegation of authority. Within the framework of MBO, performance evaluation is achieved through the participation of interested managers.
In any business, there are several objectives and management has to complete all these objectives efficiently and effectively. Objectives can be classified into organizational objectives, social objectives, and personal or individual objectives. The main objective of any organization should be to use human and material resources with maximum possible benefit. The Management Study Guide is a complete tutorial for management students, where students can learn basic and advanced concepts related to management and its related subjects. It is essential for managers to understand these objectives in order to achieve optimal performance in their respective organizations.