BUAD 801: Management Theory & Practice Registration Number: DP17MBA0967
Goals are general guidelines that explain what you want to achieve in your Organization. They are usually long-term and represent global visions such as “protect investors share and dividend. “Objectives define strategies or implementation steps to attain the identified goals. Unlike goals,
objectives are specific, measurable, and have a defined completion date. They are more specific
and outline the “who, what, when, where, and how” of reaching the target. Goals will not be achieved if they exist in a vacuum or compete with other Organizational goals. Organizational Goals
has a far greater chance for success when effectively integrated. Combining goals in this manner can lead to a “win-win” situation where everyone benefits. A mitigation
component may “tip the scale” to allow a marginal but beneficial project to move forward.
Objectives are developed to help achieve goals by dividing them into manageable components. For example successful completion of multiple objectives is needed for each individual
goal. Some objectives may themselves have components that can be expressed as “action steps,” but it is vital to eventually identify in the plan all the details that will guide and encourage concrete actions to be taken. Above all, it is singular and goals can be described or defined as outcome statements that define what an organization is trying to accomplish both Systematically and organizationally. Some common business goals are grow profitability, maximize net income, improve customer loyalty. In comparison, an objective is a specific, measurable, actionable, realistic, and time-bound condition that must be attained in other to accomplish a particular goal. Objectives define the actions to be taken within a year to reach the strategic goals. For example if an organization has a goal to grow revenues. An objective to achieve the goal may be introducing three new products by 2018 Q3. Other examples of common objectives are, increase revenue by 5% in 2019, and etc. Notice how the objectives are more specific and provide more detail. A goal is where you want to be and objectives are steps taken to reach the goal. Difference between goals and objective
Goals
1. I want to be a pilot by age 25
2. We would be a great country in 10 years
3. I want to be a professional in my field
Objectives
1. We will produce 500 grandaunts December
2. I will succeed in the Chess tournament
3. We are winning the 2018 World Cup
It has been said that goals without objectives can never be achieved while objectives without goals will never get you to where you want to be. Indeed the two concepts are related and yet separate. Using both can enable you (or the organization) to be and do what you want to do. Some management academics would say the difference between goals and objective is a measure of progress that is needed to get to the destination. In this context goals are the long term outcomes the organization wants/needs to achieve. More than not, these goals are often open and unstructured in nature. Goals can be fluid and are directional in nature. Objectives tend to be short term and single achievable outcomes they are concrete in statement and purpose. There is no ambiguity as to whether they have been achieved or not.