Question

Compare and contrast Mission, Vision and Value Statements. How can each of the three be important to support decision making within companies?

Answer 1

A mission is the reason for the establishment of the company and is the base of a company. A vision is a goal set based on the mission and gives a mental picture on what the company needs to achieve. Value statement is the set of rules and objectives on which the company runs . All three of them are interlinked and play major role in decision making within the company. A decision needs to be taken after considering the mission and vision and should be based on the value statement of the company. Then the decision will be appropriate one to the company and will yield positive results.