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Stretch or extremely hard to reach goals remain a subject of considerable debate with arguments both for and against their use. Among the potential negative side effects of stretch goals include them being dismissed as absurd or ignored by employees. Even if taken seriously, stretch goals can lead to employee burn out attempting to achieve them.
A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization , the organization's financial projections, and the strategies it intends to ...
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
The satisfaction of goals should be reviewed on a monthly basis, with a larger annual review at the end of the year. [3] Performance measurement is also a key part of the process. [5] Hoshin Kanri is a top-down approach, with the goals being mandated by management and the implementation being performed by employees.
S.M.A.R.T. (or SMART) is an acronym used as a mnemonic device to establish criteria for effective goal-setting and objective development. This framework is commonly applied in various fields, including project management, employee performance management, and personal development.