Goals are derived from the objectives and
are intermediate time-bound targets which are necessary for the achievement of
objectives. Goals are expressed in very specific quantitative or qualitative
terms. All goals have four components:
- Derived from the objective which seeks to fulfill
- An index or standard for measuring progress and performance
- A target or hurdle to be achieved, and
- A time limit within which has to be achieved.
Thus goals are time-bound and work-oriented
and they are
important because they provide a path for converting plans into individual
tasks. To obtain optimal performance the
objectives and goals of the firm must be:
- Consistent with achievement of the mission
- Balanced between the requirements of the present and the future;
- Balanced against each other and priorities established wherever there is scope for conflict
- Consistent with the firm's resources and the market opportunities.