Question

Managers consider the organizational goals and mission statement when preparing a budget and for strategic planning...

Managers consider the organizational goals and mission statement when preparing a budget and for strategic planning purposes. Discuss why this is important for organizations. Discuss the advantages of following organizational goals and the disadvantages of ignoring them

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Goals are indeed powerful as they drive the people in achieving some of the desirable outcomes on the whole. The goals set drive the employees towards the profitable ways. The advantages of setting goals is that you are guided to chase an established score for which everything seems to be vulnerable. Apart from that the organisational goals enable you to achieve heights in the future. The disadvantages of not setting goals include lack of orderly production ,improper utilisation of labor, less profitable terms and also at times this can lead to losses on the whole.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Strategic Planning in Health Care Organizations 1-Personal Mission, Vision, and Values Statement you will submit a...
Strategic Planning in Health Care Organizations 1-Personal Mission, Vision, and Values Statement you will submit a personal mission, vision, and values statement. Here are some prompts to help you to write your statement: * Identify three examples of personal success (at work, in your community, at home, etc.) Is there a pattern or theme to your successes? * Develop a list of five core values that you believe in. Which one value is most important to you? * How do...
Why is it important for managers to carefully consider the type of organizational structure that they...
Why is it important for managers to carefully consider the type of organizational structure that they use to implement their strategies? Explain. Use the Internet to research a company that has an excellent culture and or reward an incentive system. What are this company’s main financial and nonfinancial benefits? What are the benefits and advantages of using financial ratios to assess a company’s current situation and future prospects?
(3) 1. (1 point) Define company-wide strategic planning and briefly describe the four steps that lead...
(3) 1. (1 point) Define company-wide strategic planning and briefly describe the four steps that lead managers and the firm through the strategic planning process. (4) 2. (2 points) Name and define the four product/market growth strategies in the product/market expansion grid (Figure 2.3). Provide an example of a company implementing each strategy. (5) 3. (1 point) Describe the differences between a value chain and a value delivery network. (6) 4. (6 points) Read the case at the end of...
Financial A. Customers Internal Business Processes Mission and Goals Learning and Growth C. A. Do actions...
Financial A. Customers Internal Business Processes Mission and Goals Learning and Growth C. A. Do actions contribute to improving financial performance? B. How well do we serve our customers? C. Do intermal activities and processes add value for customers and shareholders? D. Are we learning, changing, and improving? rces: Kaplan, R & Norton, D. P. 1996, January-February). Using the balanced scorecard as a strategic management system. Harvard Business Review, 78-BS;。。w,仁 Haddad, Κ. Μ., & Willamsan, . E. (1997, August). Applying...
1. Which of the following is not a component of the master budget? A. Operating budget...
1. Which of the following is not a component of the master budget? A. Operating budget B. Budgeted income statement C. Budgeted balance sheet D. Statement of return on investment 2. Which of the following types of standards can be achieved only under perfect conditions? A. Easily attainable standard B. Ideal standard C. Currently attainable standard D. Tight but attainable standard 3. If a company is planning to build inventory, A. production should exceed sales. B. sales should exceed production....
Hello, I need a summary of this article. Thanks Creating a New Mission Statement By Tara...
Hello, I need a summary of this article. Thanks Creating a New Mission Statement By Tara Parker-Pope January 5, 2015 4:38 pm January 5, 2015 4:38 pm Forget the New Year’s resolution. This year, try creating a personal mission statement instead. While it is common for businesses to define goals and values with mission statements, most people never take the time to identify their individual senses of purpose. Most focus on single acts of self-improvement — exercising more, eating more...
Maleficent Company Limited is preparing budget based on the information below. 1. Budget sales revenues: January...
Maleficent Company Limited is preparing budget based on the information below. 1. Budget sales revenues: January February March $ $ $ Credit sales 550,000 450,000 650,000 Cash sales 65,000 55,000 55,000 Total sales 615,000 505,000 705,000 Past experience indicates that customers usually settle their balances as follows: - 60% of a month's credit sales are collected in the month of sale; and - the remaining 40% of a month's credit sales are collected in the following month. All purchases are...
Budgeting and Financial Management Part 1 There is a mounting public awareness and focus on issues...
Budgeting and Financial Management Part 1 There is a mounting public awareness and focus on issues of financial accountability and control across the country today. The public is demanding businesses, government agencies, public health organizations to adhere to and high standards of integrity, accountability, and financial control. Respond to the following questions in relation to financial management and budgeting: In your opinion, should the same standards and expectations of financial accountability and control of private or for-profit corporations and businesses...
Identify the correct statement: A. Managers naturally seek to maximize shareholders' wealth B. Managers act in...
Identify the correct statement: A. Managers naturally seek to maximize shareholders' wealth B. Managers act in their own interests, and so there is no way to align their interests with those of the owners C. To motivate managers in non-profit firms, no employee incentives are needed D. To align the interests of managers and owners, owners must design systems to monitor and reward management behavior that increases the firm's profits Internal control systems: A. are the responsibility of the external...
Organizing Organizing is an important task of managers. Once the organization’s goals and plans are in...
Organizing Organizing is an important task of managers. Once the organization’s goals and plans are in place, the organizing function sets in motion the process of seeing that those goals and plans are pursued. When managers organize, they’re defining what work needs to get done and creating a structure that enables work activities to be completed efficiently and effectively by organizational members hired to do that work. As Starbucks continues its global expansion and pursues innovative strategic initiatives, managers must...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT