Question 1

Goals and objectives provide a form of control since they create a feedback opportunity regarding how well or how poorly the organization is executing its strategy.

Accepted Answer

Goals and objectives provide a way to measure progress and evaluate whether the organization is on track to achieve its desired outcomes. By establishing clear goals and objectives, the organization can monitor its performance and make adjustments as needed to ensure it stays on course. This creates a form of control over the organization's activities and helps ensure that it is executing its strategy effectively.

Question 2

According to Drucker, managers should focus on the activity, not the result.

Accepted Answer

According to Drucker, managers should focus on the results, not the activity. It is the results that determine the success or failure of a company, and managers should be accountable for achieving those results.

Question 3

Goals and objectives are a not a basis for reward systems.

Accepted Answer

Goals and objectives can form the basis for reward systems as they provide a clear framework for measuring performance and success. Rewarding employees for achieving their goals and objectives can increase motivation and engagement.

Question 4

Financial outcomes are often short-term in nature and consequently focusing too much on financial measures may lead managers to overlook other key factors that might be very important to the longer-term viability of the organization.

Accepted Answer

Financial outcomes are often influenced by short-term factors such as market fluctuations, while long-term success of an organization depends on factors such as employee engagement, customer satisfaction, innovation, and social responsibility. Focusing only on financial measures can lead to neglect of these important long-term factors.

Question 5

What are the characteristics of good objectives?

Accepted Answer

The answer of What are the characteristics of good objectives?...

Question 6

Management By Objectives (MBO) is a systematic and organized approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management.

Accepted Answer

Management By Objectives (MBO) is indeed a systematic and organized approach aimed at improving organizational performance by aligning subordinate objectives with overall goals set by management.

Question 7

Functional areas, like accounting and marketing, will need to have goals and objectives that help show how those functions are contributing to the organization's goals and objectives.

Accepted Answer

This is because functional areas, such as accounting and marketing, need to have specific goals and objectives in place that align with the overall organizational goals and objectives in order to ensure the functions are contributing effectively to the organization's success.

Question 8

_____________ are very precise, time-based, measurable actions that support the completion of a goal.

Accepted Answer

The answer of _____________ are very precise, time-based, measurable actions...

Question 9

The way that the firm is organized can affect goals and objectives in a number of ways.

Accepted Answer

The organization structure can impact how tasks are delegated, communication flows, and decision-making processes. This can all influence the ability of the firm to achieve its goals and objectives.

Question 10

Goals and objectives are a basis for _______________ systems, and can align interests and accountability within and across business units.

Accepted Answer

The answer of Goals and objectives are a basis for...

Question 11

______________ is a fundamental requirement and an integral part of strategic planning, and of principles of management more generally.

Accepted Answer

The answer of ______________ is a fundamental requirement and an...

Question 12

Objectives typically include which of the following?
A) Be related directly to the values of the company
B) Reflect in the strategic plan
C) Be clear, concise, and understandable
D) Be stated in terms of the corporate mission

Accepted Answer

Objectives should be clear, concise, and understandable so that everyone in the company can understand what they are and how to achieve them.

Question 13

It is usually top managers who set goals and objectives for the entire organization.

Accepted Answer

Top managers are responsible for setting the overall direction and goals for the organization, which are then translated into specific objectives by middle and lower-level managers.

Question 14

The actual metrics used to gauge performance on objectives are called ______________.

Accepted Answer

The answer of The actual metrics used to gauge performance...

Question 15

Examples of measures used in objectives include which of the following?
A) Staff morale
B) Financial goals
C) Stock price
D) New product development

Accepted Answer

The answer of Examples of measures used in objectives include...

Question 16

_______________ is the net profit divided by total sales.

Accepted Answer

The answer of _______________ is the net profit divided by...

Question 17

Success and progress in achieving goals and objectives will be indicated by how well the vision and mission are achieved.

Accepted Answer

The answer of Success and progress in achieving goals and...

Question 18

_____________ are outcome statements that define what an organization is trying to accomplish.

Accepted Answer

The answer of _____________ are outcome statements that define what...

Question 19

Goals and objectives serve to accomplish all of the following EXCEPT:
A) Gauge and report performance
B) Improve performance
C) Align effort
D) Align goals with objectives

Accepted Answer

Aligning goals with objectives is the very purpose of setting them, so it cannot be excluded from the list. Goals and objectives help to gauge and report performance, improve performance, and align effort towards a common goal.

Question 20

Goals are typically not set for the organization, but for the stakeholders outside the organization.

Accepted Answer

Goals can be set for both the organization and the stakeholders. The goals set for the organization can help it align its resources and efforts in achieving its purpose, while goals set for stakeholders can help the organization establish good relationships and meet their expectations.

Quiz 6: Goals and Objectives