Explain any two (2) prerequisites to successfully implementing MBO in an organization.
Explain any two (2) prerequisites to successfully implementing MBO in an organization.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Explain any two (2) prerequisites to successfully implementing MBO in an organization.
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Step 1
Management
- Management is the process of Planning, Organizing, Staffing, Directing, and Controlling the processes and the people involved in an organization.
- Managers perform these functions by planning for the future, creating goals and objectives, building strategies to achieve the goals, organizing the work, and staffing employees to fill in the gaps between where the organization is and where it has to reach.
- It also directs the employees towards accomplishing their goals and hence, the organizational goals.
- They control and evaluate this entire process on a regular basis using statistical tools and management principles.
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