INTRODUCTION:
1.0
BACKGROUND
OF THE STUDY
Management needs a lot of tools to
be able to administer effectively in the day to day running of the business.
Management by objectives is one of such tools. It is a way of getting improved
results in managerial action. Management by objectives can be described as a
managerial method where by the superior and the subordinate managers in an
organization identify major areas of responsibility, in which they will work,
set some standards for good or bad performance and the measurement of results
against those standards Derek (2005:156).
Management by objective is also called
Managing By Objectives. However, there have been certain individuals who have
long placed emphasis on management by objectives and by so doing have given
impetus to its development as a system. Management by objectives refers to a
structured management technique of setting goals for any organizational unit.
George
S. Odiorne (1981:1) in his book management by objectives defined this concept
as “a system of management whereby the superior and subordinate jointly
identify objectives, define individual major areas of responsibility in terms
of results expected, and use these objectives and expected results as guides
for operating the unit and assessing the contribution of each of its member.
Besides, Odiorne points out that management by objectives is a “system of
management” an overall frame work used to guide the organizational unit and
outline its direction. He went further to point out that “the superior and
subordinate jointly identify objectives”. In other words, it is a participative
management procedure that requires commitment and co-operation. The definition
deals with identifying the “results” that are expected. Thus management by
objectives concentrates on the output of the organisation evaluating people by
assessing their contribution to this output.
Management
by objectives is a strategy where in the management sets specific goals for the
employees to accomplish within a fixed time period. Management by objective is
a dynamic system which seeks to integrate the company a need to clarify and
achieve its profit and growth goals with the managers need to contribute and
develop himself. It is a demanding and rewarding style of managing a business.
Management by objectives can work in any size
of organization if the procedures are understood and managers are patient in
letting the system set in first. Management by objective is an effective
planning, control and development system.
Management
by objective was defined by Koontz and O’Donnell (1968:485) as a technique or
system or method of management where by the superior and subordinate managers
of an organization agreed on its broad goals, translate these goals into a
chain of specific short term goals, defined each individuals major areas of
responsibility in terms of result expected, continually reviewed the
accomplishment as the sole basis of assessing and rewarding them.
Management
by objectives gives the employee the opportunity to participate in decision making,
the limits within these limits. It assumes that the employee has been properly
selected and trained, and is informed that the employee will be responsible for
achieving the desired results in the organization.
Organizations
are ubiquitous. According to Mullins (2005:256), organizations are designed by
people to overcome individual limitations and achieve individually. Hence,
organization become a means of survival for the people and exerts an important
daily influence on the life of the people and the way they live. The major
decider for the survival of any organization is the presence of capable men and
women with the right technique to combine the organization resources (man,
machine, materials and money) to achieve organization goals.
It
is appropriate to note that management of companies in Nigeria lack sufficient
techniques to make them manage effectively. Some of these tools are not used
and when used they are not properly utilized. Management by objective is not
only a managerial strategy to achieve a well co-ordinated managerial goal, but
it is also a popular management technique that cut across or pervade all human
activities namely business areas, educational, government, health care and non
profit organisation.
Most
of the techniques, system, tools of management are hardly understood resulting
in losses and damages to the organisation. Besides, it is the wrong use of
technique and unwillingness of top management to utilize the right tool to
solve the management problems.
It
is on these trends that the researcher intends to find out the prospect and
problems of effective utilization of management by objectives by companies in
Nigeria. In order to investigate some of the above problems, one of the leading
financial institutions in the country, first Bank of Nigeria Plc Okpara Avenue
Enugu has been chosen.
1.1 STATEMENT
OF THE PROBLEM
It
is pertinent to note that management of companies in Nigeria. Lack sufficient
technique to make them manage well. Some of these tools are not used and when
used they are not properly utilized. Management by objective if not only a
managerial strategy to achieve a well co-ordinated managerial goals, but it is
also a popular management technique that cut across or pervade all human
activities namely; business areas, educational, government, health care and
non-profit organisation.
Most
of these objectives are hardly understood resulting in losses, breakage’s and
on so. The worse are business in the medium range where most banks fall. Most
companies hand down objectives to subordinates without adequate explanation,
hence failure of management by objectives in such cases. Management by
objectives will remove all of these problems mentioned above and subordinates
will now formulate objectives, set targets according to their strength and
weaknesses, no stoppages, no delays, no losses to the companies. This will help
subordinates to formulate realizable goals.
For complete material (Chapter One
to Five), call +2347069373637, +2348056128950 or email; theotherwomaninmarriage@gmail.com
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