Unit 5 - Goals and Objectives

Question 1

•What is the difference between a goal and an objective?

Answer 1

Goals and objectives are the foundations of measurements!

Goals are outcome statements that define what an
organization is trying to accomplish, both programmatically and organizationally. Goals are usually a collection of
related programs, a reflection of major actions of the organization, and provide rallying points for managers.

objectives are very precise, time-based, measurable actions that support the completion of a
goal

Question 2

•What is the relationship between a goal and an objective?

Answer 2

Objectives support the completion of goals!

Question 3

•What characteristics should a good objective have?

Answer 3

Objectives typically must (1) be related directly to the goal; (2) be clear, concise, and understandable; (3)
be stated in terms of results; (4) begin with an action verb; (5) specify a date for accomplishment; and (6) be
measurable.

Question 4

•Why are goals and objectives relevant to leadership?

Answer 4

Managers develop a strategy for realizing vision and mission and the progress is indicated by the underlying goals and objectives.

Top managers set goals and objectives for an organisation, lower level managers can set or have input on these in the respective part of the business.

Goal setting is a primary function of leadership along with holding others accountable for their goals and objectives.

Question 5

•In what ways do goals and objectives help managers control the organization?

Answer 5

Managers can hold others accountable for their goals and objectives and therefore “control” them.
Goals and objectives are an essential part of any good performance management system.

Question 6

•What is Management by Objectives (MBO)?

zielvereinbarung

Answer 6

MBO is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources. MBO aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals that management has set. It involves also tracking and feeback.

Question 7

•What are some of the advantages of MBO?

Answer 7

tells you where to focus your time and energy. Focus on results, not the activity.

1. set ompany wide goals derived from corporate strategy
2. determine team and department level goals
3. collaboratively set individual level goals that are alinged with corp. strategy
4. develop and acntion plan
5. review performance and revise goals

everybody has a clear understanding of the core goals

Question 8

•What are some of the disadvantages and criticisms of MBO?

Answer 8

everybody must understand the specific objectives for their jobs and how they fit with corporate goals.

Question 9

•What is a Balanced Scorecard?

Answer 9

The Balanced Scorecard is a framework designed to translate an organization’s mission and vision statements
and overall business strategy into specific, quantifiable goals and objectives and to monitor the organization’s
performance in terms of achieving these goals.

Question 10

What are some of the advantages of a Balanced Scorecard?

Answer 10

Gives a special attentio to vision and strategy in setting goals and objetives. It is a comprehensive approach that analyzes an org. performance in four ways so that future performance can be predicted.

Question 11

•Why might fewer goals be better than more goals and objectives?

Answer 11

too many goals and objectives are paralyzing, too few are fconfusing!

Fewer are better. concentrate on the vital few key variables. No one can monitor and control too many ..

Question 12

•Why should managers strive for a balance of historic-based, present, and future-oriented
metrics of performance?

Answer 12

So all three dimensions are incorporated!

A combination of goals, objectives, and measures that provides such information is sometimes referred to as a
dashboard—

Question 13

•What is meant by cascading goals and objectives?

?

Answer 13

Similarly, goals and objectives should
be tied to strategy and, ultimately, to vision and mission, in a cascading pattern so that objectives and
measures support the goals they are aiming to help achieve

Question 14

•How often should performance evaluations be performed?

Answer 14

Once a year at least up to maybe 20 times for smaller performance evaluations based on each month or after each project…

Question 15

•What kinds of goals and objectives might be best for performance evaluation to be most
effective?

Answer 15

inspiring goals that challenge and stretch peoples capabilities.

Question 16

•What should be included in an employee performance plan?

•

Answer 16

job knowledge
work quality
attendance
intitiative
work attitued and coopration
dependability

Question 17

What is meant by corporate social responsibility?

Answer 17

CSR is about how companies manage their business processes to produce
an overall positive effect on society.

a business approach that creates long-term shareholder value
by embracing opportunities and managing risks deriving from economic, environmental and social developments

Question 18

Why might it be challenging for organizations to effectively set and achieve social and
environmental goals and objectives, in addition to their operating goals and objectives?

Answer 18

They need to look at operations that were previously unmonitored or dont clearly map in to the firms strategy.

Question 19

•What is meant by ‘virtuous cycle’ with respect to CSR?

Answer 19

in A virtous ycle, economic and environmental performance, coupled with social impacts, combine to improve organizational performance exponentially.

interrelationships in an organization’s triple bottom line.

Question 20

•How does a Balanced Scorecard help managers develop social and environmental goals and
objectives?

Answer 20

The Balanced Scorecard can help organizations
strategically manage the alignment of cause-and-effect relationships of external market forces and impacts with
internal CSR drivers, values, and behavior.

enables enterprises to implement either broad differentiation or cost leadership strategies.