How Do Managers Plan?(cont. Establishing Goals (cont. -Approaches to Establishing Goals (cont.) management by objectives (MBO)-specific performance goals are jointly determined by employees and their managers progress toward accomplishing these goals is periodically reviewed rewards are allocated on the basis of this progress MBO consists of four elements goal specificity >participative decision making 》explicit time period >performance feedback ©Prentice Hall,2002 7-17 How Do Managers Plan? (cont.) Establishing Goals (cont.) – Approaches to Establishing Goals (cont.) • management by objectives (MBO) - specific performance goals are jointly determined by employees and their managers – progress toward accomplishing these goals is periodically reviewed – rewards are allocated on the basis of this progress –MBO consists of four elements »goal specificity »participative decision making »explicit time period »performance feedback © Prentice Hall, 2002 7-17