BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The following four major components of the MBO process are believed to contribute to its effectiveness: (1) setting specific goals; (2) setting realistic and acceptable goals; (3) joint participation in goal setting, planning, and controlling; and (4) feedback.

Detailed explanation-2: -There are five steps: Define objectives, share them with employees, encourage employees to participate, monitor progress, and finally, evaluate performance and reward achievements. Critics of MBO argue that it leads to employees trying to achieve the set goals by any means necessary, often at the cost of the company.

Detailed explanation-3: -Management By Objectives (MBO) is a management model that focuses on organizational goals by setting a benchmark. The management and employees work together to fulfil the same mission by having clear intentions, open communication, and shared goals.

Detailed explanation-4: -Stage 4. This is the final stage in the MBO process. Here, the subordinate monitors (evaluates or measures) his own performance. He compares his performance with the planned targets (objectives). If there are any deviations, then the superior and subordinates managers fix new objectives.

Detailed explanation-5: -At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling.