Long-Term and Short-Term Objectives
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1. Why bother with short-term objectives when long-term objectives are already available?
2. How do you know whether you are achieving your strategy?
3. Use your own experience to show how strategic control differs from operational control.
4. Is it realistic that a commitment to continuous improvement could replace operational controls? What about strategic controls? Justify your answers.
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Solution Summary
This solution discusses short- and long-term objectives.
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Plans and Objectives
Why bother with short-term objectives when long-term objectives are already available?
Short -term objectives are means to operationalize the long - term objectives. These are important in order to facilitate the monitoring of attainment of long-term objectives. It would help the company to have short -term objectives in order to easily discover whether it is leading to the attainment of its long term goals. Example: One of the company's long term goals is to be able to reach the European market in the next five years. The short term objectives may include: 20% annual increase in volume of production; to develop at least three products that would be marketable in the European market within one year. These short -term objectives, when attained, may lead to the attainment of the long -term objective that is to reach the European market.
How do you know whether you are achieving your strategy?
Johnson et al. ...
Education
- Bachelor of Science in Business Administration, University of the Philippines
- Master in Business Administration, Saint Mary's University
- Doctor of Philosophy in Education, University of the Philippines
- Doctor in Business Adminstration (IP), Polytechnic University of the Philippines
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