Foundations of planning - How do managers set goals and develop plans? - Goals
3 important questions on Foundations of planning - How do managers set goals and develop plans? - Goals
What types of goals are there?
- Financial goals: related to financial performance.
- Strategic goals: related to all other areas of an organization's performance.
- Stated goals: official statements of what an organization says, and wants its stakeholders to believe, its goals are.
- Real goals: goals a company actually pursues. Observe what organizational members are doing to find out.
Explain traditional goal setting. What are the problems?
Traditional goal setting: goals set by top managers flow down through the organization and become sub-goals for each organizational area. Problems with traditional goal setting:
- Frustration with turning strategic goals into team and individual goals.
- Making ambiguous goals from top managers (e.g. increase market leadership) more specific as they flow down through the organization.
What are the characteristics of well-written goals?
- Written in terms of outcomes rather than actions
- Measurable and quantifiable
- Clear time frame
- Challenging but doable
- Written down
- Communicated to all necessary organizational members
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