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OKR (acronym for Objectives and Key Results) is evolved from MBO, taking the best practices out of it and adding a few on its own. Management By Objectives (MBO) was introduced by Peter Drucker in 1954 while OKR was introduced by Andy Grove in the 1970s.
In essence both, MBO & OKR are Goal setting frameworks. Their basic principle is to evaluate and enhance performance of employees over a period of time.
However, they differ in many ways like the manner in which they measure performance, frequency or their end purpose.