Roy, an entrepreneur, has worked for years on developing his business idea and on ensuring a good implementation of his strategy. However, years into the business, Roy discovered that the profit he set to reach, in 5 years-time, is not attainable and is disappointed with the results.  What is benchmarking? How can Roy make use of this concept when planning and setting goals?

"Planning enables a firm to achieve its goals". By using different company’s example illustrate your understanding about Strategic plan, Tactical plan and Operational plan, and Contingency plan.

People frequently confuse a mission statement and a vision statement. However, there is a clear difference. What is it?

The Management by Objectives technique has been criticized for putting too much emphasis on achieving goals (ends) and not enough on the methods that people use to achieve them (means). In reference to the scenario, discuss strategies you would apply to place a balanced emphasis on ends and means.

SHORT ANSWER If you were a business owner, which of these goals might you be able to accomplish using the framework of Theory Z or Theories X and Y? Could you use Theory Z to work on one goal and use Theories X and Y to work on another goal, thereby accomplishing two goals with these theories by using a different approach on each of the two goals? Goal 1: Improve quality of a product or service. Goal 2: Improve employee collaboration. Goal 3: Foster decision making skills in the workforce. Goal 4: Develop and maintain a successful workforce in a global environment. Goal 5: Develop strong leadership in the work place. Goal 6: Foster adherence to organizational values, ethics, and professional responsibility.

Explain in brief about the two approaches in which the hierarchy of objectives can be explained

Use your knowledge of organizational goals to answer the following questions. As the United Way campaign manager, you decide to set several measurable goals in addition to the overall goal for dollars raised: Eight out of ten employees will donate funds to the campaign. Awareness of the company's involvement in the United Way will increase from 70% last year to 90% this year. Which fact about goals is relevant given your goal to see an improvement in awareness? O Goals promote good planning and future goal setting. Goals motivate employees. Goals provide mechanism for evaluation. O Goals provide guidance and a unified direction for people in the organization.

Compare and contrast mission statements of a fortune 500 comapny in terms of composition and importance?