Management by Objectives (MBO) is a process of defining purposes within an organization so that management and employees agree to the objectives and understand what they are in the organisation.
advantage of MBO lies in its ability to create a results-oriented culture. When employees are actively involved in setting their objectives and understand the impact of their work on the organization’s success,
In the realm of decision making, various types of decisions exist. These decisions can be classified into different categories based on their nature and impact.
Decision making takes place in adopting the objectives and choosing the means and again when a change in the situation creates a necessity for adjustments
Forecasting is the process of estimating the relevant events of the future, based on the analysis of their past and present behaviour. The future cannot be probed unless one knows how the events occurred in the past and how are they occurring presently.
In the field of business and management, various types of plans are employed to guide organizations towards their goals and objectives. These plans serve as roadmaps for different levels of management, providing a clear direction and framework for decision making.
