The Management by Objective Approach Essay Example | Topics and Well Written Essays - 750 words

The Management by Objective Approach - Essay ExampleManagement by objective has several principles, which include cascading of formational objectives, setting goals for each member, participative decision making, over time, and feedback provision and performance evaluation.1. Better utilization of resources Here, resources can be measured in financial, human or physical terms. In management by objective, goals can be easily attained by optimum utilization of financial, physical and human resources (Bryman 1996, p.66). These resources can be set and efficiently managed to provide the greatest possible benefits for all employees in the company.2. Development of Personnel Management by objective is a valuable tool which can be used to develop and train the order managers. The training techniques employed helps the subordinate managers to improve their skills in leadership, decision making, planning, directing and controlling (Migliore 1977, p.78). The flourishing upcoming of a co mpany largely depends on the qualifications of its employees and the quality of the services rendered to its customers. Management by objective helps a company to set several attainable goals to run a project and process oriented organization that enables employees to work in a professional, innovative and customer oriented way. Therefore, the continuous enhancement of technical and personalised skills of employees is a critical issue in a company. Hence, the subordinate managers get prepared for promotion to higher(prenominal) posts in the future (Huselid 1995, p.65).3. Makes planning effective A solid business plan in a company can be the main difference between failure and success. Most of the businesses fail because they overlook the idea of a business plan due to a lack of knowledge and time on how to make one. In management by objective, the goals and objective of a company get clearly stated.