Main Objectives Of Financial Management

Main Objectives of Financial Management
FINANCIAL MANAGEMENT
The main objectives of financial management are:–
1. Profit maximization : The main objective of financial management is profit maximization. The
finance manager tries to earn maximum profits for the company in the short–term and the long–
term. He cannot guarantee profits in the long term because of business uncertainties. However, a
company can earn maximum profits even in the long–term, if:–
i. The Finance manager takes proper financial decisions. ii. He uses the finance of the company
properly.
2. Wealth maximization : Wealth maximization (shareholders ' value maximization) is also a main
objective of financial management. Wealth maximization means to earn maximum wealth for the
shareholders. So, the finance ... Show more content on Helpwriting.net ...
It must improve the image and reputation of the company. Goodwill helps the company to survive in
the short–term and succeed in the long–term. It also helps the company during bad times.
11. Increase efficiency : Financial management also tries to increase the efficiency of all the
departments of the company. Proper distribution of finance to all the departments will increase the
efficiency of the entire company.
12. Financial discipline : Financial management also tries to create a financial discipline. Financial
discipline means:–
i. To invest finance only in productive areas. This will bring high returns (profits) to the company. ii.
To avoid wastage and misuse of finance.
13. Reduce cost of capital : Financial management tries to reduce the cost of capital. That is, it tries
to borrow money at a low rate of interest. The finance manager must plan the capital structure in
such a way that the cost of capital it minimised.
14. Reduce operating risks : Financial management also tries to reduce the operating risks. There are
many risks and uncertainties in a business. The finance manager must take steps to reduce these
risks. He must avoid high–risk projects. He must also take proper insurance.
15. Prepare capital structure : Financial management also prepares the capital structure. It decides
the ratio between owned finance and borrowed finance. It brings a proper balance between the
different sources of. capital. This balance is necessary for liquidity, economy,
... Get more on HelpWriting.net ...

Planning and Goal Setting
U.S. Small Business Administration
MP–6
PLANNING AND GOAL SETTING FOR SMALL BUSINESS
Management and Planning Series
____________________________________________________________
__________________ While we consider the contents of this publication to be of general merit, its
sponsorship by the U.S. Small Business Administration does not necessarily constitute an
endorsement of the views and opinions of the authors or the products and services of the companies
with which they are affiliated. All of SBA 's programs and services are extended to the public on a
nondiscriminatory basis. ____________________________________________________________
__________________ TABLE OF CONTENTS INTRODUCTION 1 MANAGEMENT BY
OBJECTIVES 1 ... Show more content on Helpwriting.net ...
! ! !
Defining Your Business The first step in developing an effective MBO program is to define your
business. Ask yourself the following questions: ! ! ! What business am I in? Is my definition right
for today 's market? Do I need to change my business to meet emerging customer needs?
A clear vision of your business is crucial for planning your marketing, product development,
buildings and equipment, and financial and staff needs. For example, a drop in sales caused a small
business manufacturer of metal trash cans to reexamine its product. To regain lost sales, the owner
decided to redefine the product as metal containers and to develop a new marketing plan.
Setting Goals
Long–range business goals will be the cornerstone of your company 's MBO program. To achieve
these goals, you must have a method to communicate them to your managers and employees. One
way is to bring managers and employees into the process by asking them to help formulate the
company 's short– and long–range goals. If they have a role in establishing the goals, they will be
more committed to achieving them. All goals should relate to and support the long–range objectives
for the company. In this way, you can ensure that the goals of all levels of management are

consistent. If goals are incompatible, you may find that employees feel like the middle manager of a
research and development company who exclaimed in a seminar, How can I set my goals when I
don

Management by Objectives
MANAGEMENT BY OBJECTIVES (MBO) is a practical application of the reasoning behind the
notion of goal–setting theory. MBO is a process in which employees participate with management in
the setting of goals or objectives. An essential feature of an MBO program is that it involves a one–
on–one negotiation session between a supervisor and subordinate in order to set concrete, objective
goals for the employee's performance. During the session a deadline is set for the measurement of
accomplishment, and the paths to the desired goals. and the removal of possible obstacles are
discussed. After an established period of time has elapsed (typically six months or year), the
supervisor and subordinate meet again to review the subordinate's performance ... Show more
content on Helpwriting.net ...
Some managers prefer to retain an evaluative and superior posture and are uncomfortable with the
notion of being a coach or counselor to their subordinates. Personality conflicts between superiors
and subordinates are another potential problem for goal–setting systems, as is competitiveness. A
superior who feels threatened by talented subordinates may do little to help them be more successful
and, consequently, more visible, In addition, subordinates may hesitate to set challenging goals for
fear of failure and its consequences. MBO systems also tend to emphasize the quantifiable aspects
of performance while ignoring the more qualitative aspects. This is an understandable tendency,
since participants in MBO systems are encouraged to focus on such dimensions of performance.
Qualitative aspects of performance, which are often more difficult to identify and measure, are
likely to be overlooked or de–emphasized. For example, how can the quality of service that an
organization provides or an organization's image in the local community be defined and measured?
A1
2
Because the success of an MBO system rests heavily on the quality of the relationship between
supervisor and subordinates, the degree of trust and supportiveness that exists in a work unit is a
central concern. For an MBO system to be highly successful, these elements are critical
prerequisites, The absence of

The Objectives And Objectives Of Human Resource Management
Abstract:
Introduction
"The Human mind is our fundamental resource"– John F. Kennedy
Human Resource is the Human Capital. Human Resource Management is the process of maximum
use of the available human resource in order to achieve the goal of the organization.Since every
organization is made up of people, acquiring their services, developing their skills, motivating them
to higher levels of performance and ensuring that they continue to maintain their commitment to the
organization are essential to achieving organizational objectives. This is true, regardless of the type
of organization–government, business, education, health, recreation, or social action.
Audit: Oxford dictionary says "an official inspection of an organization's accounts. It is a systematic
review of assessment of something."
According to Dale Yoder, "Personnel audit refers to an examination and ... Show more content on
Helpwriting.net ...
It covers areas like HR policies, philosophy, strategies, practices and personnel results.
The major areas of hr audit include–
The areas of recruitment, selection, careers, promotions, trainingand development.
Programming, forecasting and scheduling to meet organisational and personnel needs.
The essential features of HR audit are:
The assessment and efficiency HR management's mission, goals, strategies, policies, programs and
activities
To regulate the action plan for future in response to the results from such measurement.
Objectives of HR Audit:
To look into every aspect of the Human resource management to check the effectiveness of each
strategy in an organization.
To find explanation and illumination in respect of fall and rise of HR.
To evaluate employment of policies.
To assess the performance of personnel staff and employees.
To seek priorities, values and goals of management philosophy.
Need for Human Resource Audit:
Though there is no legal compulsion to have HR audit as but the managements have realized its
need and

Performance Management System And Total Rewards Plan For...
Performance Management System and Total Rewards Plan for WeaverTech
Name:
Institution:
Course Title:
Instructor:
INTRODUCTION
Due to the acquisition of WeaverTech formally known as Johnson–Ware an apparel company by
CVX Partners, a private equity firm, there arose a need for the company to change its line of
business to high–end segment of the apparel industry (Beer & Swier, 2015). Before the acquisition
of the company by the new owners, WeaverTech was a closely owned family entity that had been
formed in 1905. Before the proposal to change the company customer base, the company
exclusively relied on the military (70%) and security (30%) as the only customers for the company
products.
The need to change the ... Show more content on Helpwriting.net ...
ANALYSIS OF THE CURRENT SITUATION
a. Potential Flaws with WeaverTech Current Performance Management System
The current WeaverTech Performance Management System can be lauded as having helped the
company achieve the success it had achieved so far. However, a number of flaws in the current
performance system that may have to be rectified include; the recent decrease in the amount of
bonuses of senior managers relative to hourly employees as it is demotivating, the fact that at least
20 percent of the workforce are not satisfied with the current system says a lot, and revelations that
individual performance deficiency and decline of knowledge and skills over time shows that the
company does not give room for creativity (Beer & Swier, 2015). Finally, the lower score that
planning, budgeting and focusing was given shows that the particular managers under this
obligations are incapable of delivering.
b. How the Performance Management System could be changed to Enhance WeaverTech
Organizational Strategy, Mission and Support for Employees
Since the company has consistently produced high quality and high performance apparel that has
commanded high price from the primary market, the US Navy, the company needs to make slight
changes in order to achieve and enhance its

Management Analysis : Management Process
Management by Objectives, MBO, is a management process where managers and employees decide
together what goals the employee should work to achieve. The goals set for the employee are agreed
upon by both the employee and the manager. The employee is evaluated based on these goals and
may be given a raise or a promotion if they have achieved the set goals within some set period of
time. This management process was first introduced by Peter Drucker in his 1954 book "The
Practice of Management" with the intention to provide a way to empower employees. (Drucker)
MBO a management process consisting of five steps. The initial step in the process is for the
objectives of the organization to be determined by all of management. This allows all managers to
be involved in planning. In the next step the managers will sit down and talk with their team
members. The manager and employee will both have a set of goals they feel will help the employee
be more effective at his or her job. Both sides discuss what "specific goals, measures of
achievement, and time frames" (Thomsom 2) that the employee will complete the goals. The goals
should be "specific, measurable, achievable, realistic and time bound." (Drucker) The next step is
for management to monitor the progress of the employee and then evaluate his or her performance.
In the last step, it decided whether or not the employees should be granted a raise or promotion
depending on what goals they were able to accomplish.
MBO is important

What Are The Objectives And Constraints Of Performance...
1 INTRODUCTION
This essay will discuss the objectives and constraints of performance management for the senior
management service (sms) in the South African public service. The definition of terms will be
provided with their definition on what the term entails which are as follows performance
management, senior management service and public service. Furthermore, the essay will discuss
what is performance management into details. It will also look at performance management that take
place within South Africa. Moreover, the objectives and role of performance management for senior
management service in South Africa will be taken into account and given into details on what they
bring about along with constrains and challenges of performance management ... Show more content
on Helpwriting.net ...
Their performance is linked immediately to the average effectiveness of the public sector. An
example of linking an individual's contribution to the overall performance of public quarter
organization originates from United Kingdom, the place public service agreement is used to set
targets for department and different public institutions.
A performance evaluates system or a desirable management, is instrumental in its capacity to help
administrators in making informed choices and to plan for activities that will be preventative in
nature. Assessments will be sensitive to statutory necessities, directions, and the objectives and goals
explained by the organisation (Williams eta/. 1994:537).
Performance management is seen as much wider concept than performance appraisal, comprising a
set of strategies used by the aid of manager to direct, plan and enhance the performance of
subordinates in line with achieving the ordinary target of the organisation (Fay

Management By Objectives Essay
When it comes to managing organisations, there are plenty of theories available for companies to
use. Among the most popular is the model of Management by Objectives. In this guide, we'll
explore the concept and the basic principles guiding the objective–focused approach to
management. We'll explore the key features and outline the strengths and weaknesses of the
approach. The guide will also explain the steps an organisation needs to take in order to implement
the approach as well as examine a few examples of companies using the approach.
1 What is Management by Objectives about?
Management by Objectives (MBO) as a concept first appeared in a 1954 book The Practice of
Management. The author, Peter Drucker, has since become known as one of the world's most
influential business experts. Aside from developing the ideas around MBO, Drucker has
revolutionised the corporate world with his views and theories on essential things such as
leadership. His other famous books include The Effective Executive and Management Challenges
for 21st Century.
In The Practice of Management, Drucker examined the different schools of management, from the
classical to the human relations theories. He felt the problem of these theories was how effectiveness
was assumed a natural and expected outcome of management. He saw effectiveness to be more
important than efficiency, creating the foundation for organisations to operate and therefore an
integral part of focus for organisations. Due to the

Peter Drucker 1
Peter F. Drucker developed the "Management by Objectives Theory". This theory presents an
objective that needs to be accomplished. A manager will receive an objective and break it down into
achievable goals. The Manager will then delegate employees on what tasks should be done. Once all
tasks are complete the project will fit together like pieces of a puzzle. This style of management is
good for the employee in the fact that they are told what to do, but get to be creative and accomplish
the task in their own manner.
Submitted June 26, 2009
Introduction There is a time when every entrepreneur starts at the bottom of the food chain. You
receive orders that came from your store manager who received them from their regional manager ...
Show more content on Helpwriting.net ...
The Management by Objective's is very versatile and can be used for many different purposes. It can
be used when you want employees to develop self–leadership and management skills. This will also
help employees be creative; and be able to draw back into past experience and pick up on patterns
and apply them to present tasks (Kotelnikov, 2001, ¶ 5).
Setting Objectives In Management by Objectives theory the hardest part can be the first step of the
process, setting the objectives. When starting this management style there are two questions that you
can ask to get yourself started. These questions are; what are the objectives and what are the time
frames in which goals should be met (Kotelnikov, 2001, p. 2)? When setting up the objectives for
you first time the S.M.A.R.T. method is a good resource to use. This method acts as a guideline to
set up objectives and to keep you on the right track. The S.M.A.R.T. method stands for: Specific,
Measurable, Achievable, Realistic, and Time–based (Bogue, 2009, ¶ 12).
When setting up objectives there are many variables that come into effect. First off objectives
should be specific; this is done by describing what you are trying to achieve. For example, stating
that "productivity needs to increase" is very broad; and should be stated more along the lines of
"increase productivity by ten percent". This way the objective

Management And Shareholder Objectives For Performance
Controls
A company performs many processes to reach management and shareholder objectives for
performance. The control processes of the firm are in place to minimize risks and monitor the
processes that result in final financial statement figures. The following is a list and description of the
10 controls that we have identified as being currently used in the Athens, Ohio Wendy's location.
1. Review of POS This control is partially a response to the use of an inadequate POS system in use
at the location. Management reviews the transactions in the system to ensure that the transactions
have occurred. The system is also reviewed to ensure that the inventory recorded on the system
exists. The POS system helps keep track of all cost of goods sold and revenues. We have assessed
that the level of risk related to this control is high due to the outdated nature of the system being
used. This control mitigates the risk of inaccuracy in the system's figures for financial statements.
This control improves the completeness and occurrence assertions for the financial statements.
2. Inventory Count Verification Management counts inventory twice a day to verify that the
inventory recorded on the books matches the inventory stored in the facility. This activity can be
used to detect the unauthorized removal of inventory from the establishment. The general manager
consults the lower–level managers about the counts to double check if the figures are correct. We
have assessed the risk

Objective of Sales Management
Sales management entails numerous objectives which are executed by sales managers. There are
mainly three such objectives 1. Sales Volume 2. Contribution to profits 3. Continuous Growth
The sales executives in this case are the ones who help implement these objectives. However it is
the top management who has to outline the strategies to achieve these objectives of sales
management. The top management should provide products which are socially responsible and are
marketed in a manner which meets customers expectations and does not break it. Thus sales
management involves a strong interaction between Sales, marketing and Top management.
Sales Management and financial results
Financial Results are another objective of sales ... Show more content on Helpwriting.net ...
Whether or not these targets are reached depends upon the performance of sales and other marketing
personnel.
Top 10 Key Objectives for Sales Managers?
We frequently ask clients to share their perspectives on the key objectives associated with their sales
management effort. The answers vary a bit, but most include the following "top 10" answers: 1.
Drive sales revenue 2. Drive profitable growth 3. Support and empower the team 4. Lead, motivate
and retain the team 5. Recruit, hire and "on–board" sales people as necessary 6. Train, coach and
mentor the team / individuals as needed 7. Provide management with strategic information from the
field relative to market trends, customer preferences and the competitive landscape 8. Develop
strategic relationships with key accounts 9. Serve as liaison between the sales force and the
company 10. Comprehensive performance management
The main objective of a sales manager has to be: to achieve consistently superior results through the
performance of every key individual. That sounds simple enough, right? But wait. Pick up a typical
company report and what words do you find? Words such as analyze, forecast, plan, assess and
schedule, are used by businesses that are

What Are The Objectives Of Knowledge Management?
iv. Stability: It means looking inward with order or sequence within an organization and
management again is through a hierarchical structure.
Knowledge Management: First of all we will define Knowledge, Knowledge is the combination of
data information and data, to which is added experience, skills and expert opinion, to result in a
valuable asset which can be used to aid decision making. Knowledge may be explicit and or tacit
individual and or collective.
Knowledge management: It is the process of management techniques and tools disseminating
knowledge with in an organization. There are two main types of knowledge.
Explicit knowledge: Knowledge that can be targetable or readily expressed and recorded with in
information systems.
Tacit Knowledge: Mainly intangible knowledge is not recorded since it is the part of the human
mind. ... Show more content on Helpwriting.net ...
 By knowledge management we can improve pro fit or we can also increase revenueup to sixty
seven

Performance Management Process And Employee Development
Abstract
This research paper presents the research results of performance models of management by
objectives. This paper also addressed: 1) performance management philosophy, 2) performance
management process and employee development, and 3) performance management and
compensation.
Keyword: performance, development, compensation Research and summarize relevant performance
models
An effective model of performance management system focuses on identifying, measuring and
dealing with employee's performance. Traditionally, performance management system is viewed to
be a the responsibility of immediate supervisor, a process for establishing a shared understanding
about what is to be achieved, and how it is to be achieved, and an approach to managing people that
increases the probability of achieving success. However, There's no single universally accepted
model of performance management system. This section summarized the research results of three
different performance management systems.
Management by objectives ("MBOs")
MBOs is a type of performance management system that requires the manager and employee to
identify employee goals as they relate to the overall business. For example, a sales representative 's
objectives may include increasing revenue by 25 percent in 12 months. The employee determines
how best to achieve this goal and establishes a timeline for the tasks she needs to accomplish to
increase revenue: improve sales and decrease costs. Often, MBOs track

Functions And Objectives Of Food And Beverage Management
All resources are in limited supply. No manager has all the materials, money, time, and other
resources that he or she would like to work with. Therefore, part of the manager's job is to determine
how best to use the limited resources available to attain the organization's objectives.
Food and Beverage Objectives:
Objectives state what the management of the operation wishes to accomplish. They indicate why the
business exists and what it is trying to do. The objectives of a food and beverage operation often
center on such things as:
Profit levels
Maintaining or increasing financial strength during changing social and economic conditions
Guest (marketing) concerns
Management and employee interests
Professional obligations
Societal ... Show more content on Helpwriting.net ...
Good control procedures alone will not enable the food and beverage operation to meet its
objectives. It is important to recognize that although our discussion in this course focuses on control,
managers must address the other management functions as well.
The Manager in the Management Process:
Responsibilities of managers: A manager is a staff member who:
1– Decides how to use organizational resources to attain objectives, and;
2– Participates in the management tasks of planning organizing, coordinating, staffing, leading,
controlling, and evaluating.
Since most managers supervise employees, they are also responsible for the performance of those
employees. To a large extent, managers are only as successful as their employees. Being held
accountable for their own work as well as the work of others is unique to those in management
positions.
Attributes of Good Managers:
A good manager not only knows the basic management principles but is able to put them into
practice. While knowledge alone cannot replace experience and common sense, it is a vital
ingredient in creative decision–making. The remainder of this chapter focuses on basic concepts of

Case Analysis : Profit Management
Introduction:
Earnings management is a strategy used by companies to manipulate earnings to meet a pre–
determined target. According to managers' power approach, Bebchuk and Fried (2003), the greater
the manager's power, the greater is their ability to extract rent. The word "rent" is used to illustrate
money or an incentive for service. Managers give their services for an exchange of monetary gain.
In the last decade or so, we have seen many brutal financial losses due to company's well
orchestrated financial reporting strategies. West Management scandal in 1998, Enron scandal in
2001, WorldCom and Tyco scandal in 2002, Lehman Brothers scandal in 2008 and many more just
shook the financial market to an unspeakable devastation.
Watts and Zimmerman (1986) examined the motivation for earnings management and argued that
managers whose compensation is closely tied to the firm's reported earnings have the incentive to
manipulate earnings to maximize their reward by always choosing income increasing accounting
choices. Healy (1985) argued that managers not only have incentive to choose income increasing
accounting choices but also have incentive to adopt income decreasing accounting choices. Hence,
earnings management is driven by different managerial incentives. Some studies maintains a firm
stand that executive compensation is the culprit behind earnings management, while other studies
tried explaining earnings management with more fancy theories like positive accounting and

The Objectives Of Senior Management
This is a type of risk that the CRO must assess within the goals of business continuity. The objective
of senior management is to be continuing operations as normal and business interruption risks affect
the ability of the organization to continue operations normally. The CRO should identify the
activities or accidents that would possibly interrupt business, determine the resources available
internally to deal with the loss, and ensure that any resources identified would be available to assist
with this unlikely event (Elliot, 2012). Securing this type of insurance seeks to transfer the risk of
business interruption by providing some mechanism for compensation to the bank and to its
employees should a loss occur.
Enterprise Risk Management Using Enterprise Risk Management (ERM) techniques to assess risks
for the risk management program involves managing risks together as an overall risk program. It
differs from traditional risk management that looks at risks individually and manages each risk
separately. By integrating the traditional risks that are insurable risks into an ERM program, aids the
organization in implementing a strategic risk management program that encompasses the hazard
risks along with financial risks, operational risks, and strategic risks into a comprehensive risk
management program for the bank.
Financial Risks Financial risks are important for the CRO to address through the risk management
program. According to Elliott (2012), financial risks

Motivating employees seems to be a challenge for managers – Discuss the advantages and
disadvantages of the MBO program and provide at least one example to support your discussion.
Goal–Setting Theories have evolved since the 50s and have an impressive documented literature.
The Goal–Setting Theory addresses the issues that goal specificity, challenge, and feedback have on
performance (Robbins, 2009, p185). Setting goals and motivating employees are always an
important issue for a manager, however in certain cases it is difficult to make it operational. A more
systematic way to utilize goal setting is with the management by objectives program (MBO), which
introduced the system of SMART method of goals that ... Show more content on Helpwriting.net ...
As an example I could refer to the Texas state government, who initiated the management by
objectives program in 1978 and ten years later analyzed the results (Lee, 1989, An Analysis of the
Implementation and Effectiveness of Management by Objectives (MBO) in Texas State
Government). As it was already mentioned beforehand this method has also its advantages and
disadvantages, but let's see which they were in this specific case.
On the whole the analysis highlighted that there was a common agreement that the main elements of
the MBO program are practiced at managerial levels. Managers pointed out that their units and
divisions became goal and result oriented, the work objectives were clearly defined and were put in
writing. There were sufficient checkpoints established and opportunities to meet with the superiors
to review

Objectives And Objectives Of A Project Management
I am extremely upbeat to impart my learnings on this course by righteousness of this term project. I
have attempted to abridge a significance of the vast knowledge that I picked up from this course,
and my experience with my assignments and projects.
Project Management is the art of arranging, sorting out, spurring, and controlling resources to attain
specific objectives. A project is a brief endeavor intended to deliver a unique product, service,
attempted to meet extraordinary objectives and goals, commonly to achieve helpful change or
included quality.
To summarize,there should be a framework or model which we can use to achieve both strategy
formulation and execution excellence. The sequence of steps will help us implement a successful
project management.
Step 1: Identify the unit for which a Project strategy is being developed. Understand the business
statergy and the priorities and objectives.
Step 2: Define the Project planning and Project implementation
Step 3: Identify the key sources of competitive advantage (Business Strategy)
Step 4: Identify key organizational capabilities and cultural capabilities . Translate them how people
are going to behave – How will people behave differently in future than they do today if those
capabilities are executed at ideal level.
Kerzner triangle :
The Kerzner Triangle displays three main constraints under which a project is done. They are cost,
time and performance. If there is any change in any of the constraints, then the

Objectives Of A Research Project Management
Aim & Objectives of the study Aim of the research The aim of the study is to assess the relevancy,
usefulness and the associated benefits of BIM and the advantages of its parametric feature in
construction project management, and then suggesting ways in which such findings could help
stakeholders to determine on whether BIM will be suitable and beneficial or not for their proposed
projects and then take decision either to use BIM or not based on their convictions. Objectives of the
research 1. To find out what BIM stands for, how it has evolved over the years and its connection
with project management. 2. To find out the situations of the construction industry in management
of projects without the application of BIM. 3. To find out the features of BIM that give it added
advantages on management of projects. 4. To examine application of BIM at various stages of
construction project's life cycle. 5. To determine how BIM is useful and beneficial to various
stakeholders in construction projects and to assess such benefits. 6. To assess the limitations to BIM
and make recommendations on how efficiency and effectiveness can be improved in the future on
construction project management. Research Questions How was the situation of construction project
management without the intervention of BIM? Is there any relationship, similarity or connection
between BIM and project management context? How can we consider the use of BIM to be efficient
and effective (Useful &beneficial) in

Strategic Business Analysis Paper : Mara 466
Brett Yancey April 1, 2015 MARA 466: Strategic Business Analysis Paper Why Strategy Execution
Unravels – and What to Do About It There has been a large amount of research into what strategy is,
since Michael Porter's perennial work in the 1980s. Studies done on the execution of strategy have
been far less numerous. However, there is one major understanding about the execution of strategy.
The execution of strategy is a vital part of success in business. A summary of many myths
surrounding various strategic executions will be outlined, along with their subsequent analyses.
Myth 1: That Execution Translates into Alignment In general, an overall strategy should precipitate
into goals and those goals in strategic objectives that can be used to by 1st and 2nd line managers.
These strategic objectives' progress are measurable and quantifiable. Many managers utilize tools
such as score cards to analyze the success or lack of, that a company and its managers attain, fails to
meet, or surpasses the stated goals. Alignment of these processes to reach a company's goals is
dependent upon the number of goals, the specificity of these goals, and whether or not the entrusted
managers have executed these strategies with the necessary resources to accomplish them.
According to Sull (2015), "80% of managers say that their goals" fall into this category" (p. #)
However, the majority of companies struggle in their execution. Where a large proportion of
managers feel they can count on direct

Managing Objectives Of Building Risk Management
"The myriad reform and regulation activities (pay for performance, accountable care organizations,
physician – hospital alignment) can be overwhelming. These new regulations have associated risks
of these activities that will impact an organization's strategic planning. As a result, many boards and
executive teams are taking steps to improve the effectiveness of their risk management and risk
governance efforts as these new risks emerge. One of the greatest challenges they face is the ability
to make risk intelligent decisions for today, and for the future, without really comprehending the
new universe of risks in their changing environment. Making risk intelligent decisions requires an
integrated, customized approach elements" (Deloitte).
Considerations in building risk management strategies Compliance with regulations is one of the
largest risks that the health care industry faces. Because the external environment cannot be
controlled, companies will need to control internal environments and operations to reduce their risk.
Defining the risk and establishing objectives is one of the first steps to achieving an operational risk
management plan. This plan should focus on the daily activities that will help organizations such as
the Mayo Clinic achieve their organizational goals. To successfully understand the risk that both
internal and external environments hold for organizations, correct alignment of resources will aid in
reducing the risk and improving overall

Objectives Of Inventory Management And Management
Objectives of Inventory Management including warehouse management
Inventory management is part of the warehouse management and both of them are part of a bigger
entity which is the supply chain. The objective of supply chain is to minimize annual system wide
costs and maximizing the service level. To reach the goal or objective of supply chain, Inventory
and warehouse management have the following objectives that will help increase return on
inventory (ROI) and return on assets (ROA):
1. Maximizing customer service: Customer service refers to the firm's ability to satisfy the needs of
its customers. In Inventory and warehouse management, inaccurate customer demand forecasts,
changes in the original orders of customers, and the lack of management leads to poor customer
service level in terms of long delivery times, delivering the wrong product to customers ... Show
more content on Helpwriting.net ...
Inventory management: Inventory management is the total control of the inventory and lacking this
fundamental understanding can lead to big overstock, or backorders. Inventory management
includes: I. inventory accuracy: Without an automated warehouse management system, it is hard to
for a firm to be fully aware or accurate of the inventory it has on hand. Poor stock visibility can
cause excess or obsolete inventory which causes a problem if there is a demand and product
shortage which leads to unfulfilling or delaying the order of the customer. Also, excess inventory
leads to the lack of cash flow, wasting warehouse space, higher storage cost and poor customer
service.
II. inventory location: If the people working in the warehouse do not know where inventory is
located, they put the company at risk. Failing to know where the inventory is, can results in delaying
shipments because it will take the workers time to find the items which results in slowing operations
and increasing

Strategic Management : Objectives And Objectives Essay
1. Strategic management to my understanding simply means how any organization manages its
resources in order to accomplish its goal and objectives. It engages the setting up of objectives,
analyzing the competitive environment and evaluating strategies and making in no doubt it all
revolve out transversely in the organization.
The below flow chart specifies the process of planning, implementation and review components for
strategic management.
According to me, some of the reason as to why strategic management is important for any
organization is that firstly it helps bringing growth in the organization, basically referring to the
Improvement in sales and profits which can be categorized as Financial Benefit. Secondly it
decreases disappointments because it's been designed in such a way that it follows a procedure
which can be categorized as Non–Financial Benefit. The third reason is that it also helps for more
effective allocation of time and resources to acknowledged opportunities.
For Example:
In 1999, Carly Fiorina was recruited as the CEO of Hewlett–Packard. Fiorina's had an
assessment/test due to the downfall of the company's sales and to focus on computer related
products and services. This is one of the cases of how strategic management process was used to
improve the business operations. This involved re– assessing all the products and services, groping
employee performance, procurement rate, delivery progression and customer satisfaction.
2. The

Objectives Of Supply Chain Management
1.1 What are the organizational objectives of your chosen organization? Explain the importance of
an effective supply chain management in achieving the chosen organizaiton's objectives.
(Assessment Criteria 1.1: Explain the importance of effective supply chain management in
achieving organizational objectives)
In today's competitive business world, the best companies have discovered a powerful new source
which encompasses on all the integrated activities that bring the product to the market and create
satisfied customers and is called "Supply–Chain Management".
Manufacturing, operations, procurement, transportation and physical handling of any product lies
under supply chain management. Successful supply chain management link not only internal
departments of an organization but also vendors, carriers, third party companies and ... Show more
content on Helpwriting.net ...
Policy and prime business function of my organization is to monitor customer satisfaction on service
levels and product quality. "Supply Chain Management (SCM) is an integrated business model that
takes a process based view of how all of the business functions need to work together and how a
business relates to its suppliers and customers" (Dr. Douglas Lambert, 2008)
Therefore, SCM is a process that links all the business functions of an organization. Knauf, like any
other successful gypsum board company if has to pursue its objectives will have to work with
streamlined processes and with well–defined business functions and very effective supply chain
management to manage all the business functions in particular.
As supply chain is the connection which assists any organization in achieving its core business
operations successful by rendering goods or services to its end customers or users. Supply chain of
my organization has following nodes:
1) Capital

Objectives Of A Strategic Management Process
The 21st century business environment has become more competitive, organizations have to develop
and implement the right strategy to survive. Rapid advance in technology and globalization have
brought about both opportunities and challenges to all organization. The ability to survive the
intense competition, gain competitive advantage and remain competitive depends on choosing and
implementing the right strategy at the right time. The mission statement of an organization is also
imperative in choosing the appropriate strategy. Conducting a strategic management process and
implementing the strategy is a significant step towards achieving a competitive advantage.
Identifying the internal, external strength and weaknesses of an organization is equally important.
Applying the necessary tools to determine the resources and capabilities available to an organization
that can generate competitive advantage is critical to the continued existence of an organization.
Value, Rarity, Imitation and Organization (VRIO) framework are tools developed to analyze the
internal resources and capabilities of an organization. The internal strength of an organization is a
significant asset in gaining competitive advantage over the competitors.
Every organization, for profit or non–profit primary purpose is to accomplish the mission and vision
of the organization. Soda Stream is a for profit oriented organization, its main purpose is to generate
profit by providing soda drinks maker machine, gas

The Objective Of Knowledge Management Essay
Introduction
In this global and increasingly knowledge–based society, the principal asset for organizations in
both the public and private sectors is knowledge. To survive in the face of such global competitions,
organizations increasingly depend on their ability to transform information into knowledge as the
basis of competitiveness, decision–making and the production of new products and services. There
for Knowledge Management (KM) can act as the process of capturing, developing, sharing, and
effectively using organizational knowledge (Davenport, 1994). The ultimate goal of KM is to
increase the effectiveness and the sustainability of growth of an organization. Although KM was
originally develop to fit the needs of for–profit companies, but its practice has been spread over to
the non–profit sector including LIS. Shanhong (2000) suggests that the objective of knowledge
Management in libraries is to promote knowledge innovation, closer relationships in and between
libraries, and between a library and its users, to strengthen knowledge inter–networking and to
quicken knowledge flow. For some in the LIS community, KM is simply a case of "new wine in old
bottles" or of "librarianship in new clothes", and more controversially, as nothing more than
information management (Koenig, 1997; Rowley, 2003; Schwarzwalder, 1999; Wilson, 2002).
The approaches that deal with the application of KM in the LIS environment are relatively new, and
are mainly perceptual and general in nature,

Objectives And Objectives Of Strategic Management
Introduction
Strategic Management is a substantial wing of the management system of an organisation or
company whereby a set of managerial decision and action helps to determine the long–run
performance and major goals of the organisation or company. Generally, top–level management of
an organisation is responsible for the initiation and implementation of such decisions and actions
based on the available resources and welcoming environment. The strategies involve the formulation
and setting of directions, aims and objectives; improving organisational performance; collaborating
and executing changes; developing and training the employees etc. It also stresses on the monitoring
and evaluation of internal strengths and weaknesses and identifying external opportunities (Adair
2009).
On the other hand, leadership is a process whereby a person works through a chain of frequentative
action by forming a vision, crafting a set of goals and objectives, setting directions and selecting
employees, performing required tasks as long as needed until the goals and objectives are achieved.
In order to be a good leader, an individual needs to be diligent, vigilant and resilient in all aspects of
policy and strategy making for any specific situation arising with the organization (Atreya 2013).
According to Atreya (2013) "Strategic management is about setting vision, mission, goals and
objectives for achieving excellence and the strategic leadership is to ensure that the results are being

Objectives And Objectives Of Performance Management
6 OBJECTIVES AND CONSTRAINTS OF PERFORMANCE MANAGEMENT
6.1 Objectives of Performance Management
Execution Management and Development frameworks should be incorporated with all other
hierarchical procedures and frameworks to be powerful. SMS Handbook Chapter 4 Performance
Management and Development 1/12/2003 6
Execution administration and advancement is on a very basic level a way to deal with how function
is done and sorted out as opposed to a framework. Every single other framework and procedures
ought to bolster or be educated by powerful execution administration and an emphasis on ceaseless
change of execution. A further key determinant of accomplishment, spilling out of this, is the
procedure is driven from the most elevated amount ... Show more content on Helpwriting.net ...
The execution of the office overall and the specific units of SMS individuals ought to illuminate
singular evaluation. should likewise be conceivable to concede and assume liability for issues or
weaknesses and make proposition that will empower change.
Learning and change ought to apply to the execution administration framework itself.
SMS Handbook Chapter 4 Performance Management and Development 1/12/2003
9 Departments should audit whether it is filling the expected need viably.
Overseeing poor/unsatisfactory execution
Divisions are qualified for agreeable work execution from individuals from the senior administration
senior. Should the execution of an individual from the senior administration neglect to consent to
required guidelines in such manner, divisions are obliged to apply the relevant insufficiency code
and methods to suitably address the circumstance. These techniques are contained in Resolution 10
of 1999 and are clarified in Chapter 7 of this Handbook. Allude to section 15.11 for measures
relating to unacceptable

Management By Objectives Of Management
6. Management by Objectives
Since the early 1950's, management by objectives has been a management principle or theory that
has been practice within both private and public sector corporations. It was first publicized by the
management expert Peter Drucker in 1954. Starbuck (2012) identified management by objectives as
Drucker's primary sources and contribution to his book "The Practice of Management" following the
developments of his ideas in his earlier books such as "The Future of Industrial Man" and "Concept
of the Corporation" which were published in 1942 and 1946 respectively. Subsequently,
management by objectives has gained an increasing publicity and largely influenced many industrial
organisations like Fords and General Motors amongst many others as shown in Peter Starbuck's case
studies (Starbuck, 2012:99) and is currently a taught topic within the academic curriculum for areas
such as management and administration. ... Show more content on Helpwriting.net ...
Moreover, Odiorne (1965:55–56) depicted the management by objective process as one in which the
managers of an organization jointly identify its common goals, define each individual's major areas
of responsibility in terms of results expected, and use these measures as guides for operating the unit
and assessing the contributions of each of its

The Watershed Management Goals And Objectives
6.0 Watershed Management Goals and Objectives
The Howard County Department of Public Works Stormwater Management Division has developed
goals and objectives to enhance water quality, sustainable dwelling, as well as community outreach
in order to realize the vision for the Patuxent River Watershed (HCDPW, 2002). The following
describes these objectives as they relate to the specific subject of interest.
6.1 Water Quality
The goal is to realize and manage the quality of water required to sustain the marine life of the
Patuxent River Watershed, as well as to safeguard the health of the residential community.
Objectives involve the development of biological and dwelling standards, meeting required water
quality standards, and the ... Show more content on Helpwriting.net ...
Objectives are to raise attention and individual participation, to inspire people to take part in land
conservation plans, including advocating a land management routine that preserves resources,
curtails contamination and improves dwellings. Others objectives include supporting the creation of
watershed protection institutions, including non–government alliances.
7.0 Management Alternatives and Solutions
This section details the priorities and objectives specific to the Patuxent River Watershed.
Alternatives are provided to utilize multiple for the watershed management plan (WMP). The
allocation of funds specific to each of these solutions is also highlighted in the following sections.
7.1 Land Preservation
Land preservation involves the safeguarding of delicate land and water assets, as well as established
residences. By utilizing State and County "Open Space" funds, important green areas and highland
properties can be obtained and preserved. Access to these protected areas is also obtained through
the Agricultural Land Preservation Program, the Howard County Conservancy, and the Forest
Conservation Program (HCDPW, 2002). These programs also establish other useful legal right plans
and policies for the upkeep of open 'green' space. They encourage forest preservation, as well as
reforestation

Management By Objectives Of MBO
*What is Management by Objectives (MBO)?
Management by Objectives (MBO) was first defined by Peter Drucker (a management guru) in 1954
in the book "The Practice of Management." In the 90s, Peter Drucker by himself identified the
importance of this organization management system, when he wrote: "It's just another tool. It is not
the great cure for management inefficiency... Management by Objectives works if you know the
objectives, 90% of the time you don't."
Management by Objectives (MBO) is a management system that allows managers to increase the
performance for organization by focusing on goals that need to be achieved and by attaining the best
imaginable outcomes from available resources.
Management by Objectives (MBO) aims to develop organizational performance and to line up goals
and secondary objectives through the organization. Employees do strong effort to recognize their
ideas and goals. MBO consist of unending following and feed backing in the method to rich
objectives. Management by ... Show more content on Helpwriting.net ...
It is appropriate in states where is your requested is to build employees' supervision and self–
leadership skills and bring their tactical and businesses creativity, understood knowledge and
enterprise.
*Advantages of management by objectives (MBO):
1) Better–quality of planning:
MBO includes participating in decision–making which makes objectives known and plans more
real. It emphases care on goals to be in the result areas. MBO powers managers to think in terms of
outcomes rather than doings. It inspires people to set exact satisfying objectives instead of be
contingent on ideas or conjecture. Create a combined hierarchy of goals in the organization and
accurate performance aims and measures by showing goal achievement and place it down with a
time bound program.
2) Drive and

Business Economics
|
Peter F. Drucker is the management scholar. He is thought to be the establishing father of current
management. Peter Drucker, whose life crossed the previous century (1909 – 2005), was an
exceedingly instructed native of the world: an innovative soul who composed thirty–nine books
including numerous fantastic chips away at business management. He was a man of numerous parts:
a sharp eyewitness, a long lasting understudy, an educator, mentor of eminent corporate pioneers,
and the organizer of an official school in Claremont, California, that bears his name. Peter Ferdinand
Drucker was an author, management advisor and college teacher. His written work concentrated on
management related writing. Peter Drucker made well known the term ... Show more content on
Helpwriting.net ...
3. The point when Peter Drucker, then a trainee bank assistant in Hamburg, initially contemplated
the works of Sören Kierkegaard (1813 – 1855): the existentialist savant, theologist, religious writer
and advocate of the Idea of Christianity, Kierkegaard was still moderately obscure. Drucker was
captivated by the philosophy embraced by this philosophical independent, in particular, to utilize
logic as an instrument for reflecting upon Christianity. Kierkegaard suspected that people existed in
an element relationship as both profound creatures and individuals from society. As per
Kierkegaard, it is conviction that instills our otherworldly existence with the conviction that we are
not the only one, with importance, and with a flat out perspective, in particular God. The
distinguishment on one hand that wickedness is a piece of human instinct and on the other that a
sufferable coexistence is still conceivable got to be natural to Peter Drucker's own rationality.
This gathering of Peter F. Drucker's papers investigates the crossing point between society,
governmental issues, and financial aspects. Notwithstanding this grand objective, be that as it may,
the papers themselves stay sensible, very meaningful, and brimming with stories and thoughts that
make us ponder the business world around us.
The dominant part of these papers were composed in the 1960s, and in

Management Performance Evaluation Of Employees
Managers's play a huge role in performance evaluation of employees. There are several factors that
contribute to how managers assess performance evaluation, these components are orientation,
training, development, feedback, and annual performance appraisals (). Human Resource managers
are important to the performance appraisal process, because they make sure that the appraisal is fair,
detailed, and the managers are handling the appraisals professionally(). In order to properly ensure
that the performance appraisals are conducted in a fairly, HR managers need to make sure that the
appraisals are non–discriminatory. As an Human Resource manager it is important that the managers
who conduct the performance appraisals are properly trained on ... Show more content on
Helpwriting.net ...
Performance evaluations can also aid in helping an organization reach their future goals. They allow
managers and employee to sit down and think strategically on how the organization can reach their
goals in the upcoming year. Not only does it give an opportunity to achieve the organization 's goals,
but it also can encourage employees to set their own standards and goals on themselves for the next
work year. Using performance appraisal can ultimately assist organizations on reaching their
strategic goals and giving them an internal advantage against competition. If performance appraisals
are not done properly, this could lead to many negative consequences for an organization. The first
thing to recognize when doing performance appraisal it takes a long period of time to properly
conduct performance evaluations. It can become extremely stressful and overwhelming to managers,
because they have to evaluate all of their employees. This can lead to managers having a negative
attitude towards performance reviews. Another issue with performance appraisals is if they are
mishandled during the process. If a manager is poorly trained and is not knowledgeable in how to
properly carry out these appraisals, a bad review could lead to an extremely negative and hostile
work environment for the manager and employees. This could also lead to possible legal issues for
the organization if they are not careful about the procedure in which they use

Case Study Using Management By Objective
1. Q2. Using Management by Objective (MBO) to discuss the management style of the Adamawa
State University Demonstration Secondary School.
Management by Objective is an organizational theory by Peter Drucker. It is an approach in which a
balance is sought between the objectives of the employees and the objectives of an organization.
The essence of the basic principle is to determine joint objective and provide feedback on the
results.
The case study for this paper; Adamawa State University Demonstration Secondary School is an
establishment of Adamawa State University (ADSU) with the primary purpose of providing
secondary education to the university's staff wards and the host community. This is a public
parastatal and has its management board which is partially independent from the university's
management. ... Show more content on Helpwriting.net ...
The outcome of this process will be the definition of the strategic statements for the various parts of
the organization that will help it achieve its Vision.
The strategic statements should identify what will be done, how will it be done and to whom. This
will be aligned with the strengths and opportunities, as mentioned earlier. These statements will be
the guiding principle that the various managers will use to plan their activities. The organization
may decide on defining as many strategic statements as it chooses, based on its structure and core
business competences.
It is important that the defined strategy, together with the reasoning behind it, be communicated to
all levels of the organization. In large companies, it often happens that those that defined the
strategy are not the ones that will see it through during the next step, therefore communicating well
will ensure effective

Objectives Of Management By Objectives
A good management system is essential to run an organization effectively. One main strategy to run
a good management system is through the use of a famous management module, management by
objectives (MBO) that proposed by Peter Drucker (Drucker, 1954). This module has remained
popular and compelling method for achieving goals. As Daft (2012) explained, "management by
objectives is a system whereby managers and the employees define goals for every department,
project, and use them to monitor the organization's subsequent performance" (p. 194). The
management by objectives is a management ideology which is used by Peter Drucker who states
that the management based on setting up objectives and self–control are understood as a philosophy
of management (Kralev, 2011). Management by objectives is ... Show more content on
Helpwriting.net ...
After setting the organizational objectives as explained in the first step previously, the objectives
planned now are easily converted into marketing or organizational plan which then require to be
distributed into different individual sections within the organization (Daft, 2012). In addition, this
step involves the accurate setting of performance standard for the subordinates in a previously
arranged time period. While developing an organizational action plan, there are few things that need
consideration. Subsequently, as described by Kralev (2011) which enlightened that both superiors
and subordinates need to refer the organizations' mission and vision in order to ensure that the action
plan developed later align with the organizations' current objectives. In addition, Aswathappa
(2007), explained that managers or the superiors are alarmed about their subordinates' performance
and they are ready to observe or to take action on what they are supposed to do. As the top
management set an action plan to achieve their targeted objectives which their subordinates are
going to implement, (Rodgers & Hunter,

Management By Objectives
Unit –7 Management by Objectives
Unit–07
Structure of Unit
Structure
of
Unit
7.0 7.0 Objectives
O
b j e c t i v e s
7.1 7.1 Introduction t
I
n r o d u c t i o n 7.2 7.2 What is Management by Objectives (MBO)? by
What
is
Management
Objectives
(MBO)?
7.3 7.3 Features of Management Management(MBO) by
Features
of
Objectives
(MBO) by Objectives
7.4
The
Process
of
Management
by
Object ives
(MBO)
7.4 The Process of Management by Objectives (MBO)
7.5
Import ance and Advant age of MBO
7.5 Importance and Advantage of MBO

7.6
Weaknesses and Criticism of MBO
7.6 Weaknesses and Criticism of MBO MBO
7.7
Making
Effective
7.8 7.7 Making MBO Effective m
S
u
m ... Show more content on Helpwriting.net ...
Today, MBO is used not only as a technique of goal setting but also as a total system of planning,
motivation, performance appraisal and self–control.
Synchronizing goals and subordinate Objectives
7.2
What is Management by Objectives
(MBO)?
MBO is difficult to define. Organizations useTracks performance different reasons. In it in different
ways and for broad terms, it may be stated that MBO is both a philosophy and an approach of
management. It is a process in which superiors and subordinates sit together to identify the common
objectives and set the
Enhances organizational performance goals which are to be achieved by the subordinates, assess the
contribution of each individual and integrate individual objectives with those of the organisation so
as to make best use of the available resources
Fig. 7.1 Management by objectives (MBO)
87
of the organisation.
"
Get duly communicated to all who are concerned with it;
"
Align short–term objectives to medium and long–term objectives; and
MBO is a system in which specific performance objectives are determined through participative
approach. Progress towards objectives is periodically reviewed and rewards determined accordingly.
In other words it refers to a formal, or moderately formal, set of procedures that begins with goal
setting and continues through performance review. The key to MBO is that it is a participative

Management by Objectives Report
(Project management: Case Studies
Harold Kerzner, (2006). John Wiley and Sons)
Management by objectives This technique allows all parties, the project manager, the functional
manager, and the employee, to share and to participate in the appraisal. It epitomizes the systems
approach since it allows for objectives modification without undue or undeserved penalty to the
employee. Finally, it uses objective data and downplays subjective data.
Advantages
emphasis on results rather than on abstract personality characteristics
Little difficulty with –conflict (over schedules, priorities, technical issues, administration,
personalities, costs)
http://www.performance–appraisals.org/cgi–bin/links/jump.cgi?ID=10501
What IS MBO ... Show more content on Helpwriting.net ...
Although there is an understandable degree of variation among the scholars and practitioners about
the composition of an MBO program, they all appear to agree on the following guidelines:
* Superiors and subordinates meet and discuss goals for the subordinates that are in line with
organizational goals.
* The superior and subordinate jointly establish goals for the subordinate.
* The superior and the subordinate meet again after establishing the initial goals and evaluate the
subordinate 's performance in terms of these goals.
Conceptually, MBO is the ultimate in participative management, since a subordinate can help
establish personal objectives for their job, help determine the measurements used in evaluating
performance, and receive constant feedback on progress. On the surface MBO restates the obvious.
For example, Isaiah (46:11) writes: "I have spoken it, I will also bring it to pass; I have purposed it, I
will also do it." Unfortunately all human endeavor is full of disasters where fundamental principles
or obvious data were overlooked, ignored, or rejected.
Performance–Based Budgeting: A Case Study about the Effects of Performance Measures on the
Agency Budgeting Process in West Virginia State Government
Nisa Yazici Aydemir
August 2010
College of Arts and Sciences of Ohio University

The implementation of PPBS was suspended in the federal government with the introduction of a
new system called

Objectives And Objectives Of Strategic Management
Strategic Management is a substantial wing of the management system of an organisation or
company whereby a set of managerial decision and action helps to determine the long–run
performance and major goals of the organisation or company. Generally, top–level management of
an organisation is responsible for the initiation and implementation of such decisions and actions
based on the available resources and welcoming environment. The strategies involve the formulation
and setting of directions, aims and objectives; improving organisational performance; collaborating
and executing changes; developing and training the employees etc. It also stresses on the monitoring
and evaluation of internal strengths and weaknesses and identifying external opportunities (Adair
2009).
On the other hand, leadership is a process whereby a person works through a chain of frequentative
action by forming a vision, crafting a set of goals and objectives, setting directions and selecting
employees, performing required tasks as long as needed until the goals and objectives are achieved.
In order to be a good leader, an individual needs to be diligent, vigilant and resilient in all aspects of
policy and strategy making for any specific situation arising with the organization (Atreya 2013).
According to Atreya (2013) "Strategic management is about setting vision, mission, goals and
objectives for achieving excellence and the strategic leadership is to ensure that the results are being
achieved."

Objectives Of Strategic Management Process Essay
1.0 Introduction
Strategic management can be referred to as a group of decisions and activities that have an eventual
outcome in the formulation and implementation of tactics planned to attain an organization's
objectives (Robinson and Pearce, 2007).
2.0 Strategic Management Process
The strategic management process consists of the following:
2.1 Environmental Scanning
Nabradi (1999) defined it as a process of assembling, examining and providing evidence for planned
purposes. Internal and external factors that affect a company's decision can easily be assessed.
Evaluation is the next essential task and should be done on a constant basis and further attempts
carried out to develop it.
2.2 Strategy Formulation
This can be referred to as the method of deciding the finest way for attaining the organizational
goals as well as the reasons behind such objectives. Managers form various strategies such as
corporate, business and functional immediately they complete carrying out the environment
scanning process (Nabradi, 1999).
2.3 Strategy Implementation
Nabradi (1999) states that putting the various strategic choices or the specific strategy to action can
be defined as strategy implementation. This involves various processes such as designing the
organization's structure, allocating resources, evolving the decision making process, and handling
human resources.
2.4 Strategy Evaluation
This is the ultimate step of the management process and involves an essential set of actions

Main Objectives Of Financial Management

More Related Content

Similar to Main Objectives Of Financial Management

More from Christina Ramirez

Recently uploaded

Main Objectives Of Financial Management