The Statement, "You Can't Know Where You're Going 'Till You

question 64

True/False

The statement, "you can't know where you're going 'till you know where you came from," means that the past, with consideration of current information, is usually one of the best indicators of the firm's future performance.

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Definitions:

Management by Objectives

A management model that involves setting clear, specific objectives agreed upon by both management and employees to guide performance and assess achievements.

Zero-Based Budgeting

A budgeting approach where all expenses must be justified for each new period, starting from a "zero base" and assessing needs and costs from scratch.

Strategic Goal Setting

The process of defining specific, measurable, achievable, relevant, and time-bound objectives that align with an organization’s strategic direction.

Date of Completion

The specified date when a project, task, or assignment is expected to be finished.