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Discuss Management by Objectives

question 37

Essay

Discuss management by objectives. How is it used? What are its advantages and disadvantages?


Definitions:

Production Difficulties

Challenges or issues encountered in the manufacturing process that can lead to delays, increased costs, or reductions in product quality.

Standards

Performance goals, often relating to how much a product should cost.

Bonuses

Additional financial rewards given to employees as an incentive or reward for their performance.

Standard Costs

Predetermined costs serving as a benchmark for evaluating the actual cost performance of operations.

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