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Assignment -

Uploaded by

dorothyuzoka6
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University of Lagos

School of Postgraduate Studies

Department of Business Administration


Programme: M.Sc. in Management (Part Time)

Course: Theory & Practice of Strategic


Management

Course Code: BUS 814

Name: Mujeeb Oluwafemi Aina

Matric No: 179023121

Date: 15th March, 2018

QUESTION:

Distinguish between Goals and Objectives


A company’s goals and objectives are the foundation, which
measures how much distance it has covered to attain its vision.
Goals are defined as the lifelong aims, which an individual or
entity endeavor to achieve something. It determines what the
company is attempting to accomplish.
On the other hand, Objectives are the specific milestones which a
person plans to achieve in a limited period. These are precise,
measurable, time-based, actions that assist in the achievement of
goal.
Every company sets out is goals and objectives, in order to reach
its mission and vision. These are specific outcome, which an
enterprise aims to accomplish within the particular timeframe,
that too with available resources.

Definition of Goals:

Goals are defined as the target or purpose that a person imagines


or plans to accomplish or to reach or to achieve in future. They
are the driving force that directs a person to make efforts to
achieve it.

In our childhood, we decide, what we want to become in the


future and strives to achieve it. The goal is that point which a
person envisions himself, after a particular span of time. To
achieve these goals, people usually put a timeline, so that they
can reach their goal in the desired time. However, they are long
term.

Definition of Objectives:

The aim or target which you want to achieve within a limited


period is known as the objective. They are the milestones that
help you to reach your goal. That is why they are also termed as
sub goals. It is a step to reach a particular point. Suppose I want
to score 90% marks in an exam to get admission in a good
university.

Objectives are easily measured when the target is achieved. For


example, a company wants to increase its sales by 50% in the
upcoming six months and then when it hits the target it can be
measured through the sales figure.
What do Goals and Objectives look like if they are different?
Goals:

1. I want to be the best musician in the school


2. We will be the number 1 supplier of….
3. I want to maintain a good knowledge of the profession.

Objectives:

1. We will sell xxx units by June next year.


2. I will pass my stage 3 business French assessment.
3. We will deliver 90% of the contract by…

BASIS FOR OBJECTIVES GOALS


COMPARISON
Meaning Objectives are the A goal is a long-
achievements, which term purpose,
can be attained only which a person
if the attempts are strives to achieve.
made in a particular
direction.

What is it? Means to an end End result

Basis Facts Ideas

Time frame Medium term to Long term


Short term

Measurement Easy Comparatively


difficult
Materiality Concrete Abstract

Action Specific Generic

Definition of Goals

Key Differences Between Goals and Objectives

The major differences between goals and objectives are provided


below:

1. The goals are the broad targets, which can be achieved


through continuous actions taken in the particular direction.
Objectives are the aims that you want to achieve in a short
span of time.
2. The goals are the result i.e. a primary outcome, but if we talk
about objective, it is a stepping stone for achieving the goal.
3. The goals are based on ideas, whereas objectives are facts
based.
4. When it is about the time limit, it is difficult to determine
correctly that in how much time it can be achieved, but
objectives can be time bound, in essence, they can be
attained in a given period.
5. It is hard to measure goals, i.e. how much distance you have
covered till now, while chasing your goal and how much is
left to be achieved. On the other hand, objectives are easy
to measure.
6. The goals are abstract, while objectives are concrete.
7. The goals require general actions to attain it. As opposed to
objectives, that needs specific actions.
Conclusion

Although there is a difference between goals and objectives,


objectives are the steps that you take to achieve your goal. So, it
will not be wrong if we say that objectives are a part of the goal.
Goals involve lifelong ambition; it defines the destination where
you want to see yourself after a particular period. The objectives
are short term targets that you set to achieve something, in a
fixed period.

It has been said that Goals without objectives can never be


achieved while objectives without goals will never get you to
where you want to be. Indeed the two concepts are related and
yet separate. Using both can enable you (or the organization) to
be and do what you want to do.

Some management academics would say that the difference


between goals and objectives is that a goal is a description of a
destination, and an objective is a measure of the progress that is
needed to get to the destination.

The Difference between Goals & Objectives;

Often in business and education we talk about goals and


objectives, indeed sometimes we use the terms interchangeably –
but are they the same?

Lets start with some history and definitions:

Goal – 1530s, “end point of a race,” of uncertain origin, perhaps


from O.E. *gal “obstacle, barrier,” a word implied by gælan “to
hinder.” The word goal appears once before this, in a poem from
early 14c. and with an apparent sense of “boundary, limit.” Sports
sense of “place where the ball is put to score” is attested from
1540s. Figurative sense of “object of an effort” is from 1540s

Objective

1610s, originally in the philosophical sense of “considered in


relation to its object” (opposite of subjective), formed on pattern
of M.L. objectivus, from objectum “object” (see object (n.)).
Meaning “impersonal, unbiased” is first found 1855, influenced by
Ger. objektiv. The noun is 1738, with sense of “something
objective to the mind;” meaning “goal, aim” is first as a military
term from the American Civil War, 1864 (in objective point), from
French; general use of it is first attested 1881

Goals & Objectives in a modern business & educational sense


It has been said that Goals without objectives can never be
achieved while objectives without goals will never get you to
where you want to be. Indeed the two concepts are related and
yet separate. Using both can enable you (or the organization) to
be and do what you want to do.

Some management academics would say that the difference


between goals and objectives is that a goal is a description of a
destination, and an objective is a measure of the progress that is
needed to get to the destination.

In this context goals are the long term outcomes you (or the
organization) want/ need to achieve. More often than not, these
goals can be broken into “chunks” or objectives. Goals are often
open and unstructured in nature. Goals can be fluid and are
directional in nature.

Objectives tend to be single achievable outcomes. They are


concrete in statement and purpose. There is no ambiguity as to
whether they have been achieved or not.

Goals Objectives
Broad in scope Narrow in scope
General intention or direction Specific/ Precise
Intangible or “soft” Tangible
Abstract Solid/ Concrete
Can’t be easily measured/ Can be easily measured/
validated validated
Large in size Chunks
The end Ends in themselves
The result The means to the end
The whole Part of the whole, often with
milestones
Longer term Shorter term
In practice what does this mean?

Useful table:

Goal Objective

Plan: Broad plan Narrow plan

Action: Generic action Specific action

I want to achieve success I want to complete this


in the field of genetic thesis on genetic
Example:
research and do what no research by the end of
one has ever done. this month.

Goals may not be strictly Must be measurable and


Measure:
measurable or tangible. tangible.

Time frame: Longer term Short to medium term

Something that one’s


The purpose toward efforts or actions are
Meaning: which an endeavour is intended to attain or
directed. accomplish; purpose;
target.

Principle: Based on ideas Based on fact

Examples of Goals and Objectives

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