Target-based management involves setting time-bound targets for organizational goals and departments. For example, a company may set a target of 50% GDP for the first quarter and then higher targets of 80% or 100% for subsequent quarters. Setting specific, measurable, achievable, realistic and time-bound targets helps departments focus their efforts and promotes inter-departmental collaboration to quickly achieve results. Regular monitoring and adjustments are needed to ensure goals are met. The process involves determining targets, planning performance, implementing activities, checking progress, and evaluating outcomes.