Mission Statements

• What is the top level of the objective hierarchy?

  Mission statement
• What is a mission statement?

  It describes what the business intends to do
• What are some other names for mission statements?

  Values, vision, purpose
• What do mission statements define?

  Broad definition of business intent
• What is the layer below mission statements?

  Corporate objectives
• What do corporate objectives support?

  They support the mission statement
• What are corporate objectives sometimes called?

  Business objectives
• What do corporate objectives define?

  Overall objectives like profit maximization
• What is a common format for writing corporate objectives?

  SMART format
• What does SMART stand for in objective writing?

  Specific, Measurable, Agreed, Realistic, Time-bound
• What does "specific" mean in SMART objectives?

  Clearly defines what is to be achieved
• What does "measurable" indicate in SMART objectives?

  Quantitative goals using numbers
• Who should agree on the corporate objectives?

  Stakeholders like managers and shareholders
• What does "realistic" mean in SMART objectives?

  Achievable goals within available resources
• What does "time-bound" refer to in SMART objectives?

  Defined timeframe for achieving goals
• What is the relationship between corporate objectives and functional objectives?

  Functional objectives are driven by corporate objectives
• What level do functional objectives operate at?

  Department level
• What do functional objectives define?

  Objectives specific to each department
• How do functional objectives differ from corporate objectives?

  They are more detailed and specific
• Why is the hierarchy of objectives important?

  It helps measure success and coordination
• How do functional objectives help employees?

  They provide focus and direction in roles
• What is the end goal of the objective hierarchy?

  To fulfill the mission statement