This refers to a specific outcome that is required, typically within a specific time frame.
In business, objectives are developed from the organisation’s mission statement and high level goals and then broken down within the organisation’s structure – each lower level objective should be seen to be contributing to the ultimate high level objectives. Objectives may be strategic (for example, to increase market share by 15%), operational (for example, to reduce production costs by $100,000), functional (for example, to increase the use of electronic invoicing to 95% of all invoices received), or personal (for example, an individual sales manager to obtain 25 new customers).
Objectives is a term normally found in strategic management and performance management. Explore our learning zone to discover more