Decision-Making: Difference Between Goals And Objectives
Goals refer to what a firm hopes to achieve in a future period of time. They indicate the future condition or result of effort put in now. The goals that an organisation chooses address a broad category of financial and non-financial issues. On the other hand, objectives refer to the ends that clearly specify how the goals can be accomplished. Unlike goals that are generalized, objectives are realistic and specific. That is to say, it is objectives that make the goals operational. Goals could be qualitative in nature, whereas the nature of objectives could be quantitative. Therefore, objectives are quantifiable and comparable. It should be noted that organisations often ignore the subtle difference between goals as broadly stated aims, and objectives as specifically stated aims. Organisations …show more content…
• It is on objectives that strategic decision-making is based: Objectives, by directing the attention of strategist to those areas where strategic decision-making is required, lead to desirable standards of behaviour and, thus, facilitate strategic decision-making process.
• Objectives lay down the standards for evaluating individual as well as organisational performance: Objectives provide the standards for performance appraisal by stating targets to be fulfilled in a given time period and the measures to be taken to fulfill them. If there are no objectives, an organization will not have a clear and specific basis for performance appraisal.
Managers who specify objectives for themselves and their organizations are more possible to fulfil them than those who do not. We can summarize the significant role that objectives play in strategic management in the following axiom: if one does not know where he has to go, any path will take him there.
(ii)Characteristics of
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