Goal setting involves establishing steps to meet the objectives of an individual or a firm. For instance, to achieve a 10% increase in sales, a company may increase each salesperson's quota by $10,000.
Management by Objectives (MBO) is a strategic management approach wherein performance goals are jointly determined by both management and employees, fostering alignment and mutual agreement on objectives and performance standards.
A management technique in which all levels of management are encouraged to specify quantitative and/or qualitative objectives to be achieved within a set period. Managers must then answer to higher levels of management for the actual performance achieved against these objectives.
An objective is a clearly defined and articulated goal or target, free from personal bias or opinion, and representing the ultimate aim of an individual or group's efforts and strategy.
Organizational planning refers to the process of transforming organizational objectives into specific management strategies and tactics designed to achieve these objectives. It is one of the most crucial management responsibilities.
Team management refers to the process of managing a prescribed set of activities by an organized work group in an organization. This involves setting goals and priorities, analyzing group work methods, and examining decision-making processes.
