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3. Goals


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: 
  1. Derived from the objective which seeks to fulfill 
  2. An index or standard for measuring progress and performance 
  3. A target or hurdle to be achieved, and 
  4. 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:
  1. Consistent with achievement of the mission
  2. Balanced between the requirements of the present and the future; 
  3. Balanced against each other and priorities established wherever there is scope for conflict
  4. Consistent with the firm's resources and the market opportunities.