Management Concepts and Applications/Planning

Definition and Importance Definition Management by Objectives (MBO) is an effective planning tool that helps supervisors set objectives. MBO has come a long way since it was first suggested by Peter Drucker in 1954 as a way of promoting managerial self-control. It has been used to appraise performance, to motivate individuals, and recently, for strategic planning. Also called as “goals and control “approach as it integrates both planning and control. It aims at setting goals through constant interaction of superiors and subordinates. MBO aims at achieving organizational objectives and enhancing employee commitment and participation. MBO is a cyclical or continuous process. Importance planning is a process by which we can know what to do, how to do, when to do and by whom to do to achieve desired goal Types of Plans planing process can not person unless the types of plan undrestand 1. purpose or mission 2. objective 3. strategy 4. policies 5. procedure 6. rules 7. program 8. budget Types of Planning Steps in Planning Limitations of Planning Planning Premises Management by Objectives (MBO) Concept Objective setting Process Benefits and Weaknesses