Discussion questions wk3

Running Head : Strategic Objectives Corporate Governance Strategic Objectives Corporate Governance

Strategic Objectives

Strategic objectives are goals that focus on specific improvements changes or even challenges within a given time period (Scripps , 2010 Its purpose is to give direction to the employees , reduces uncertainty minimizes waste redundancy sets standards for controlling the staff For strategic objectives to be effective , they should be SMART . SMART (George , 2006 ) stands for

Specific : the objectives should be specific . Specific means that they should be solid , detailed well defined

Measurable : the objectives should be measurable . It

means that the measurement source has to be there to check our progress towards achieving the objectives

Achievable : Objectives , unlike our aspirations visions , need to be achievable to keep us motivated and up for challenges

Realistic : the objective should be realistic should complement both the business situation its recourses

Time Bound : Objectives should have a time limit to them even this time limit should be realistic

Examples of strategic objectives are

To have 12 projects in Asia 12 projects in Australia

To have a employee turnover rate less then 3

A strategic objective for General Electric can be to be 1st or 2nd in terms of market share in any industry in which it competes

Corporate Governance

Corporate governance is the set of processes , laws , policies , and customs or it 's a system through which a business corporation is directed or controlled . Strategic planning is the process of defining organizations strategy , or planning for a set of managerial decisions...