The Practice Of Management: Management By Objectives (MBO)
2.4. Management by Objectives (MBO)
Since the early 1950’s, management by objectives has been a management principle or theory that has been practiced within both private and public sector corporations. It was first publicized by the management expert Peter Drucker in 1954. Starbuck (2012) identified management by objectives as Drucker’s primary sources and contribution to his book “The Practice of Management” following the developments of his ideas in his earlier books such as “The Future of Industrial Man” and “Concept of the Corporation” which were published in 1942 and 1946 respectively. Subsequently, management by objectives has gained an increasing publicity and largely influenced many industrial organisations like Fords and General Motors, amongst many others as shown in Peter Starbuck’s case studies (Starbuck, 2012:99) and is currently a taught topic within the academic curriculum in areas such as management and administration.
Koontz & O’Donnell (1968) define MBO as a management system which permits both the senior manager and his subordinates establish organizational goals, break set goals into short term ones, determine the procedures or methods of achieving set goals. It also defines the responsibilities of the members of the organization and establishes a system of evaluation to ensure that set goals are achieved at minimum cost. They further say that MBO establishes a reward system which serves as the only means of recognizing and rewarding the hard work.
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