Management By Objectives MBO Commerce Essay

Management By Objectives MBO Commerce Essay According to George Odiome, MBO is a process whereby superior and subordinate managers of an Organization jointly define its common goals, define each individuals major areas of responsibility in terms of results expected of him and use these measures as guides for operating the unit and assessing the contribution of each of its members. Management by objectives was first popularized by Peter Drucker in 1954 book The Practice of Management. Drucker drafted MBOs as an approach to get the management and employees to jointly set goals to achieve known as objectives. The main purpose for setting objectives was to give both the managers and employees a clear understanding of what they were expected to do in the organization in order to achieve the objectives set. The objectives were set during certain time periods which at the end of the period two evaluative performances are carried out to determine the extent to which the set objectives had been achieved. An example of an objective includes attaining a sales or profit target by the end of a financial year. In the modern world of business where gaining competitive over competitors has became one of the main goals by organization, Management by Objective has become one of the most widely accepted philosophy of management as stated by Gaurav Akrani 2010. One of the factors that has made MBO the most acceptable management approach is its demanding and rewarding styles of management. MBO further received recognition when it becomes an integral part of The HP way. Hewlett-Packard incorporated this management technique at every level within the company; managers had to develop objectives and integrate them with those of other mangers and of the company as a whole. (The Economist, 2009) This approach focuses attention on the achievement of objectives through involvement of the concerned parties. For example trough building strong team spirit as MBO is mainly based on the assumption that people achieve more when they know what is expected of them and can relate their personal goals to organizat ional objectives. Other features of MBO include good subordinate participation, joint goal setting, support and encouragement from top level manager to subordinates. MBO is a democratic style of management approach where every subordinate is involved and encouraged to participate towards achieving organizational objectives. MBO is an approach to planning that aims to overcome barriers that might stop an organization from achieving its objectives. It involves the setting up of goals by managers and their subordinate working together by specifying responsibilities and assigning authority for achieving the goals. The final step involves constant monitoring of performance so as to initiate continuous improvement. Features of Management of Objectives The following are the prominent characteristics of MBO All activities are goal oriented. The first important feature of the MBO is that under it all the activities happen to be goal-oriented (Dr.R.Singla 2010-11). This means that MBO concentrates on the determination of unit and individual goals in with organizational goals. These goals set state responsibilities of different parts of the organization and help to coordinate the organization with its parts and its environment. Integration among Organizational, Departmental and Objectives: the basis of the MBO is setting of Objectives jointly by the supervisors and subordinates and their effective realization (Dr.R.Singla 2010-11) With the MBO approach the objectives are decide in the following order Figure 1 Organizational Objectives Department Objectives Personal Objectives The above figure shows that first of all the objectives of the organization are set. Then the departmental objectives are decided which must be in line with the objective of the organization. The third sub step is personal objectives which involves individual objectives being determined first before departmental objectives can be achieved. To sum it up this process is followed to minimize clashes or oppositions at any level regarding the determined objectives. MBO views organization as Dynamic Entity: this feature considers the organization as a dynamic entity. This means that every organization is affected by various external and internal factors therefore the organization is considered to be a dynamic unit. The dynamic nature affects the objectives which as a result make it possible that the objectives set today may not be realized. In such an event the organization might be forced act swiftly to change its objectives MBO is a Participative Attempt: the MBO process is characterized by high level of participation of the concerned people in goal setting and performance appraisal (Kuldeep 2010). Increased participation provides the opportunity to influence decisions and make clear job relationship with managers and their subordinates. MBO Matches the Objectives and Resources: The objectives set when the MBO approach is adopted by organization are based on the resources available so as to avoid having incomplete tasks or activities because of the lack of resources. Dr.R.Singla. (2010-11). MBO is a Philosophy and not a Technique: MBO is not a technique of management but its a philosophy, because a technique can only be applied or used in a one department and its effects will only be felt on the particular department. For example an inventory technique can only be used in relation to stock control and it cannot be used in another department like HRM. MBO gives more emphasis to Review and Performance Appraisal: regular appraisal of the work performance of employees form one the important characteristics of MBO. This Philosophy helps observe whether all the employees are performing at the expected level and also identify if there is any impediments in their work performance. MBO provides more freedom to Subordinates: with MBO Philosophy the subordinates are not only associated with the task of coming up with the objectives but they also get complete freedom in the performance of their work. This philosophy gives them the right to make decisions related to their designation and as a result this increases their importance which improves their interest and job satisfaction. MBO gives more emphasis to results and not to work: with the MBO philosophy more focus is given to results. The subordinates have the freedom to choose which technique to adopt to achieve the final result. This means that the subordinates are expected to give the best possible results regardless of the technique used. Steps in Management by Objectives Planning Peter Drucker identified fives steps for MBO as shown in figure 1 http://www.mindtools.com/media/MBO.jpg Source (http://www.mindtools.com) The five steps explained Set of organizational Objectives: this is the first step which involves setting of the organizational objectives. Objective setting begins with the conducting of an internal and external analysis to determine the level of efficiency, threats and opportunities. Cascading Objective Down to Employees: This second stages involves communicating of the set goals and objectives from the top level management to subordinates till they reach everyone. Drucker used the SMART acronym to make as a tool to make the make MBO objective setting more effective so as to set goals that were attainable and to which workers felt accountable to For example the founder of Microsoft corporation Bill Gates adopted a MBO approach to keep every employee informed the about the companys objectives by following the guidelines below Eliminate politics, by giving everybody the same message. Keep a flat organization in which all issues are discussed openly. Insist on clear and direct communication Prevent competing Missions or objectives Eliminate rivalry between different parts of the organization Empower teams to do their own things Source (www.1000advices.com) Encourage Participation in Goal Setting: step three aims to get everyone to understand how their personal goals fit in with the objective of the organization. This is done when goals and objectives at all levels are shared and discussed so as to get everyone understand how things are conducted and then sets their own goals that are in line with the organization objectives. Monitor: this stage involves developing actions plans after setting objectives, it is important to establish a proper monitoring system which keeps track of the progress made towards achieving the set goals, the monitoring system helps the organization identify deviations or barriers that could slow down the organization from achieving its goals. If any barriers are identified then the corrective actions are taken to set the organization on the right course Evaluate and Reward Performance. This last step involves rewarding the desired performance. MBOs main focus is to improve performance at all levels so as to achieve higher efficiency. In order to ensure this happen a good evaluation system has to be put in place to evaluate employees performance and in turn motivate employees as they strive to achieve the set objectives. Advantages of Management by Objectives Over the years since Peter Drucker popularized this philosophy it has become one of the widely adopted by organizations because of the various advantages One of the advantages of MBO is that it improves resource and activity management (Rahman 2009). This leads to better utilization of available of resources and this can be beneficial to the organization in many ways. One is the increase in efficiency which reduces wastage and improves productivity which as a result would lead to increased profits for the organization. The second advantage is that MBO keeps every employee informed. Since all the employees in the organizations are encouraged to participate in setting the objectives, all of them know their responsibilities. This guides employees to work better as their responsibilities are clearly outlined and reduce the possibility of them going off track The third advantage is that MBO improves employees motivation. Involving all employees in decision making make employees feel valued by the organization and due to this employee commitment is improved. This can good for the organization because a motivated and committed workforce will strive to do their best and in turn help the organization achieve its desired results. The forth advantage of MBO is that it facilitates effective control. Due to the continuous monitoring approach employed by MBO this can be useful in guiding the organization to achieve better results. The Monitoring system can be used to by the organization to gauge the performance against the laid down standard and undesired deviations are corrected in time. The fifth advantage of MBO is that it encourages innovations. (Drucker, P. (1986). The MBO philosophy puts more focus on the results in order to achieve the objectives rather than procedure to achieve the objectives. This gives subordinates freedom on how, which method to employ in order to achieve the required results. This can be beneficial to the organization as innovation help an organization gain competitive advantage trough new ideas and products. Disadvantages of Management by Objectives However as much Management by Objective may be beneficial to organizations there some limitations or disadvantages worth being mentioned. The first disadvantage is that MBO put employees under pressure. MBO being a result focused philosophy pressure is exerted on all the levels of the organization so as to attain the objectives. This might a bad thing for the organization as pressured employees might be stressed out due to the emphasis put on results within the organization and this could lead to high labour turnover. This could cost the organization a fortune as the organization could be forced to recruit and train new employees. The second disadvantage is that MBO is time consuming. In order for MBO to be successful regular meetings and exchange of reports have to be conducted. This means managers have to speed a lot time in attending and preparing reports for the meetings while they could be focusing in performing important tasks that are over looked. These over looked could create a hindrance of in attaining the objectives laid down. The third disadvantage is that MBO puts more importance to short term objectives. In order for an organization to achieve it ultimate goals and success the long term and short term goals should be given equal importance. However the MBO philosophy tends to give more attentions to the short term objectives and due to this employees are more concerned by the short term objectives. This creates a situation where they want to be successful at any cost within the shortest time possible and such a situation could be costly to the organization in the long run. CONCLUSION Management by Objectives might be seen as an outdated management philosophy by modern managers today but I believe it still has a place in modern management.If carefully aligned with the culture of the organization MBO can be quite beneficial to the any organization as from this report the advantages out weight the disadvantages. Also For example Intel has been successive due to the use of MBO However as stated by Drucker MBO is just another tool. It is not the great cure for management inefficiency à ¢Ã¢â€š ¬Ã‚ ¦ Management by objectives works if you know the objectives: 90% of the time you dont. In order for MBO to be successful in Modern management managers and subordinates must closely work together to constantly update their short term and long term objectives from time to time due to the ever change business environment. Also an effective communication structure has to be place to as to allow managers and subordinates to easily set and communicate objectives to all concerned e mployees.

An interpretation of Love in Chang-Rae Lee’s “A Gesture Life”

Love, as they say moves in mysterious ways, we can say that it really did in Chang-Rae Lee’s novel â€Å"A Gesture Life.† The novel was basically about the life of Franklin â€Å"Doc† Hata and his reminiscing of his colorful and interesting past to restore his present life. The bulk of the narrative was mostly about how Hata expresses his love for the other characters in the novel. Interestingly, â€Å"A Gesture Life† is certainly not the kind of story that portrays love in a typical manner. It is quite amusing that there are lots of ironies if love was to be discussed in this book . This essay will show the readers that the desire for love in â€Å"A Gesture Life† had ironically hindered the acquisition of love. The novel of Chang-Rae Lee was basically about probably the worst kind of tragedy there is, not being loved by everyone even by oneself. If we are to classify the different forms of love in â€Å"A Gesture Life,† there are lots of technical terms that are always related to the concept of love like agape, pragmatic love, eros, complex chemical reactions and terms like pheromones and dopamine, and lots of scientific terms that few of us comprehends. This essay will only employ types of love that is understandable by all for the purpose of keeping this essay from being too general. This essay will focus on the main character’s love for the other characters and concepts in his life. But the essay will not settle for mere descriptions of the protagonist’s love, it will show the reader how love had been distorted and given meanings by the traumas that the protagonist had suffered during the war. The first kind of love from the novel is the love for acceptance. The protagonist Hata, had been begging (although he didn’t express this explicitly) for acceptance from the people in his life and his neighborhood. Hata was too careful about everything he does in his neighborhood. That is because he doesn’t want to commit mistakes that could get him noticed. He wanted a low-profile life in his neighborhood because he has this assumption that he will be the target of discrimination in the community. But contrary to what Hata is thinking, the citizen’s of his community, Bedley Run, appears to like Hata, but in the way Hata wants them to like him. Hata was treated like an Oriental mascot because the people in Bedley Run seem to like him only for the differences he and most of the people in Bedley Run share. Hata speaks of his love for acceptance in his community, â€Å"†¦my assumption is that once I settle in†¦I will be treated like as people should be treated† (Lee 3).   His assumptions of being accepted was brutally debunked by what had transpired during his stay in Bedley Run, â€Å"It seems to me that people took a weird interest in making me feel that I am unwelcome† (Lee 3) Hata’s love for acceptance didn’t end with his failed attempt with his neighborhood. It appears that Hata’s love for his adopted daughter Sunny, whom he had adopted when he was still in Korea when Sunny was just a child. While Sunny was growing up, she and her father were having endless disputes. In the long run, Sunny ran away from home even when she was just a teenager. Later in the story, Hata will have the chance to make up with her daughter. Sunny went back to Hata and asks for support for she was pregnant. Irritatingly, Hata denied Sunny’s plea for support. Hata had prioritized more his and his family’s reputation more than the well being of her daughter. It appears that even though Hata loves her daughter, his family’s reputation weighs more than the affection of his daughter. This is Hata’s real and unfortunate dilemma. He had stated several times in the narrative that he loves her daughter very much, but still he is quite unable show his love. After this he will contemplate heavily as to why his life is devoid of love, he will contemplate heavily as to why his life is remote to the lives of the ones he dears most. Hata’s weird and unproductive approach to love will backfire at him at the most tragic of scenarios. Hata had accidentally brought his house on fire and he was hurt in the fire and was hospitalized. After that he was caught in a web of nostalgia, he reminisced about the time he served as a paramedic in an army camp in the pacific war. There he had fallen in love with a certain woman whom he calls â€Å"K† who was about the same age as her adopted daughter Sunny. He had loved K as genuinely a man could love a woman. He was even willing to die and kill for K as she had committed murder and Hata was willing to offer help in covering up. But then, just like in the bulk of the story, Hata’s love remains unrequited. K had viewed his love as having ill intentions. K thought that Hata was only after her youth and was only after sex. This tragic memory of Hata had some great effects in later in his life especially the relationships he had, especially with her daughter. In a weird but true manner, Hata’s kind of loves are real and unfortunately remains unrequited. Hata’s situation is what we see everyday happening to real people. That is just the truthfulness that made this story a success. The novel â€Å"A Gesture Life† may have been talking about the tragic life of Hata when it comes to love, but what it was actually talking about is how some people find it very hard to be loved just because they themselves find it hard to love others. In the story, Hata seems to be the kind of person who never knew the feeling of being loved. He has this hunger to be loved by the people around him. This for me is one of the reasons why many people find it easy to empathize with the character of Hata. Work Cited Lee, Chang-Rae. A Gesture Life. CA: Riverhead books. 1999   

Heres What I Know About Asoka Essay Samples

Here's What I Know About Asoka Essay Samples Type of Asoka Essay Samples For this reason, you will find many high-quality samples on our site. It's much better to build tips that you like. The resolutions of the Pwurna Saraj dictated this independence afford the type of a republic. Read the sample below attentively so you can choose whether you require help or not. In the event the essay doesn't flow smoothly whenever you're reading it to yourself, see where you are able to rewrite it so that it is simpler to read. To structure an essay, you must simply comply with the above mentioned format. Essays term papers dissertations and a lot more. Therefore, in case you have an excellent set of extra-curriculars, a decent academic standing and in the event you can pull off an excellent essay, you will definitely make it. However, there are particular guideline that you can use for you to make that outstanding essay. Therefore, as soon as you are assigned with an essay on India, you get a wide selection of aspects which you can reveal. Both of them are essays and adhere to a fairly typical structure in that regard. The other essays will help give you an awareness of what score your essay may have gotten that year and any areas you might have overlooked. When this is finished, you can pick out points that would go nicely with your essay. There's several essays completed by them. You want to understand how to compose an effective essay as it is a typical foundation for a student's grade. You don't need to return to school to prepare for the GED test. Grading samples carefullywill help you receive a sense ofyour own blind spots so that you know what skills to concentrate on in your prep. GED Online enables you to prepare for the GED test by utilizing online classes and practice tests. With this implementation of uniforms, students don't have to be concerned about attempting to outshine different students in dressing. What You Should Do to Find Out About Asoka Essay Samples Before You're Left Behind The sample you're likely to read was created by means of a writer from EssayShark. The si mplest way to influence the form of an essay is to realize the writer's point of view. Moreover, our English-speaking writers make sure every order has original content and a suitable structure. Build a connection by means of your writing. Essay writing is usually practiced is schools. If you are thinking about how to compose a critical thinking essay this guide can help you. When you surf our site for recommendations that may help you write your own essay, you will come across many helpful tips. You are able to have a look at my tips on building specific rubric-based skills in my personal article on the best way to compose a DBQ. A little one needs certain conditions as a way to live. Adoption is an alternate solution. It is a better alternative in this case. Ruthless Asoka Essay Samples Strategies Exploited Asoka's edicts expressed his vows to take care of his people including Rock Edict VI, vowing, I consider that I must foster the welfare of the entire world indeed there is not any greater work than promoting the welfare of the entire world. It would be quite insightful to enter their ideas and grasp their beliefs and their gained knowledge offered by the edicts. Islam adherents feel there is only one Go d, called Allah. You should work on recognizing what constitutes historical context in line with the AP. Want to Know More About Asoka Essay Samples? A descriptive essay conclusions should supply the reader with a mental picture of a specific matter. As an example, opinions and ideas that could interest teenagers might not have the very same effect on adults. The reply to this question is dependent on your study plans! Narration is telling a story from a specific viewpoint, and there is normally a reason behind the telling. What the In-Crowd Won't Tell You About Asoka Essay Samples Practice tests are the best method to receive ready. Students should choose which position they ought to take based upon the number and caliber of the points they're in a position to come up with to support their position. They must have a high level of discipline to have on a uniform because this method of dressing does not allow you to dress in any other fashion or particular style that you de sire. Living isn't just about breathing in and out. The Foolproof Asoka Essay Samples Strategy Asoka was among the best swayers of ancient India. Asoka has contributed many critical contributions to the growth of Buddhism. Asoka was among the best rulers of ancient India. Asoka now considered Buddhism stronger as a consequence of this conference.

Command Economy Definition, Characteristics, Pros and Cons

In a command economy (also known as a centrally planned economy), the central government controls all major aspects of a nations economy and production. The government, rather than the traditional free market economy laws of supply and demand, mandates which goods and services will be produced and how they will be distributed and sold. The theory of a command economy was defined by Karl Marx in the Communist Manifesto as â€Å"common ownership of the means of production,† and it became a typical characteristic of communist governments. Key Takeaways: Command Economy A command economy—or centrally planned economy—is a system in which the government controls all facets of the nation’s economy. All businesses and housing are owned and controlled by the government.In a command economy, the government determines what goods and services will be produced and how they will be sold according to a multi-year central macroeconomic plan.In nations with command economies, health care, housing, and education are usually free, but the peoples’ incomes are controlled by the government and private investment is rarely allowed.In the Communist Manifesto, Karl Marx defined command economy as â€Å"common ownership of the means of production.†While command economies are typical of both communism and socialism, the two political ideologies apply them differently. While command economies are capable of rapidly making sweeping changes in a country’s economy and society, their inherent risks, such as overproduction and stifling of innovation, have driven many long-time command economies like Russia and China to incorporate free market practices in order to better compete in the global marketplace. Command Economy Characteristics In a command economy, the government has a multi-year central macroeconomic plan which sets objectives like nationwide employment rates and what the government-owned industries will produce. The government enacts laws and regulations to implement and enforce its economic plan. For example, the central plan dictates how all of the country’s resources—financial, human, and natural—are to be allocated. With the goal of eliminating unemployment, the central plan promises to use the nation’s human capital to its highest potential. However, industries must adhere to the plan’s overall hiring targets. Potential monopoly industries such as utilities, banking, and transportation are owned by the government and no competition is allowed within those sectors. In this manner, monopoly prevention measures such as anti-trust laws are unnecessary.   The government owns most, if not all of the country’s industries that produce goods or services. It may also set market prices and provide consumers with some necessities, including health care, housing, and education.   In more tightly-controlled command economies, the government imposes limits on individual income. Command Economy Examples Globalization and financial pressure have led many former command economies to change their practices and economic model, but a few countries remain faithful to the principles of command economy, such as Cuba and North Korea. Cuba Under Raul Castro, Fidel Castro’s brother, most Cuban industries remain owned and operated by the communist government. While unemployment is virtually nonexistent, the average monthly salary is less than $20 USD. Housing and health care are free, but all of the homes and hospitals are owned by the government. Since the former Soviet Union stopped subsidizing Cuba’s economy in 1990, the Castro government has gradually incorporated some free-market policies in an effort to stimulate growth. North Korean currency, featuring Kim Il-Sung, DPKRs first leader. johan10 / Getty Images North Korea The command economic philosophy of this secretive communist nation focuses on meeting the needs of its people. For example, by owning all of the homes and setting their prices accordingly, the government keeps the cost of housing low. Similarly, health care and education in government-operated hospitals and schools are free. However, with the lack of competition leaving them little reason to improve or innovate, the government-owned industries operate inefficiently. Overcrowded transportation facilities and long waits for health care are typical. Finally, with their incomes strictly controlled by the government, the people have no avenue for building wealth. Pros and Cons Some advantages of a command economy include: They can move quickly. Controlled by the government itself, industries can complete massive projects without politically motivated delays and fears of private lawsuits.Since jobs and hiring are regulated by the government, unemployment is consistently minimal and mass unemployment is rare.Government ownership of industries can prevent monopolies and their inherent abusive market practices, such as price gouging and deceptive advertising.They can quickly respond to fill critical societal needs such as health care, housing, and education, which are typically made available at little or no charge. Disadvantages of a command economy include: Command economies breed governments which limit the rights of individuals to pursue their personal financial goals.Due to their lack of free-market competition, command economies discourage innovation. Industry leaders are rewarded for following government directives rather than for creating new products and solutions.Since their economic plans are unable to respond to changing consumer needs in a timely manner, command economies often suffer from over and under production resulting in shortages and wasteful surpluses.They encourage â€Å"black markets† that illegally make and sell products not produced by the command economy. Communist Command Economy vs. Socialist Command Economy While command economies are typical of both communism and socialism, the two political ideologies apply them differently. Both forms of government own and control most industries and production, but socialist command economies do not attempt to control the peoples’ own labor. Instead, the people are free to work as they wish based on their qualifications. Similarly, businesses are free to hire the best-qualified workers, rather than having workers assigned to them based on the central economic plan. In this manner, socialist command economies encourage a higher level of worker participation and innovation. Today, Sweden is an example of a nation using a socialist command economy. Sources and Further Reference â€Å"Command Economy.† Investopedia (March 2018)Bon, Kristoffer G.; Gabnay, Roberto M. editors. â€Å"Economics: Its Concepts Principles.† 2007. Rex Book Store. ISBN 9712346927, 9789712346927Grossman, Gregory (1987): â€Å"Command economy.† The New Palgrave: A Dictionary of Economics. Palgrave MacmillanEllman, Michael (2014). â€Å".†Socialist Planning Cambridge University Press; 3rd edition. ISBN 1107427320