Table of Contents
What is meant management by objectives?
Management by objectives (MBO) is a strategic management model that aims to improve the performance of an organization by clearly defining objectives that are agreed to by both management and employees.
What is the importance of management by objectives?
The emphasis in MBO is on performance improvement in the areas which are of critical importance to the organisation as a whole. By identification of key result areas (KRAs), MBO ensures that due attention is given to the priority areas which have significant impact on performance and growth of the organisation.
What is MBO and explain its characteristics?
Management by Objectives (MBO) is a personnel management technique where managers and employees work together to set, record and monitor goals for a specific period of time. Organizational goals and planning flow top-down through the organization and are translated into personal goals for organizational members.
What are the basic principles of MBO?
The Theory of MBO The following four major components of the MBO process are believed to contribute to its effectiveness: (1) setting specific goals; (2) setting realistic and acceptable goals; (3) joint participation in goal setting, planning, and controlling; and (4) feedback.
What are the weaknesses of Management by objectives?
Weaknesses of Management by Objectives. With all its advantages, a system of MBO may also have a number of weaknesses, arising out of the inability in applying the MBO concepts judiciously. The weaknesses are;
What is the meaning of ‘Management by objectives’?
Steps in Management by Objectives Process. Setting objectives is not only critical to the success of any company,but it also serves a variety of purposes.
What is the purpose of Management by objective?
‘Management by objectives’ (MBO) is a strategic management technique in which the main aim is to improve performance of the organization by defining objectives. It is also known as ‘management by results’ (MBR).
What is management by Objectives (MbO) and its process?
MBO or management by objectives is defined as a comprehensive managerial system that integrates many key managerial activities in a systematic process and that is consciously directed toward the effective and efficient achievement of organizational and individual objectives.