Abstract
Every business needs to operate successfully and to attain its full potential in terms of sales and profits, it is necessary to establish managerial planning and control systems. It is the purpose of this paper to introduce the basic concepts of delegation and Management by Objectives (MBO). Specific methods to apply these techniques are also discussed. The paper argues that execution of MBO needs dynamic and transformational leadership at the top level, and commitment of management at all levels starting from the top-down to the operating level. Finally, this paper provides directions for future research.
Highlights
Management by objectives (MBO) is a successful philosophy of management
5) Each employee should be provided with feedback information for self direction and self-control
6) The Management by Objectives (MBO) programs should be implemented at all levels including the departmental level and its grass-root level and its grass-root level
Summary
Management by objectives (MBO) is a successful philosophy of management. It replaces the traditional philosophy of “management by domination.” It was popularized as an approach to planning by Peter F. MBO is an aid to planning and motivating factor It may be difficult for you and your managers to “let go” of portions of the decision-making power – and especially so for many owners of small businesses. It is every important for you to prepare a list of job duties for each person and especially for managers, which clearly defines his or her area of control and authority. Preparation of these position descriptions has an added advantage of helping you to avoid overlaps. You should plan to permit orderly, profitable growth of your business and the people who make up your business (Kerzner, 2009)
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