ECONOMICS

Detailed explanation-1: -Management by objectives (MBO) is a process in which a manager and an employee agree on specific performance goals and then develop a plan to reach them. It is designed to align objectives throughout an organization and boost employee participation and commitment.

Detailed explanation-2: -Management by Objectives (MBO) is a personnel management technique where managers and employees work together to set, record and monitor goals for a specific period of time. Organizational goals and planning flow top-down through the organization and are translated into personal goals for organizational members.

Detailed explanation-3: -Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.

Detailed explanation-4: -MBO is a management practice whereby managers and subordinates agree to work together towards common goals. The employees and the supervisors identify and set these goals as a subset of the organizational goals and include individual employee goals in the plan.