Based on the modern method of appraisal and career development, Management by Objective (MBO) is one of the most useful approaches. Which essential characteristic of MBO do you think is the best and why? Explain your answer.(essential characteristics are listed in the picture attached) time, the paired comparison technique of ranking is sometimes used.With this technique, decisions are made about the relative worth of onlytwo jobs at a time. However, since each job is compared with every otherjobs, the number of comparisons to be made increases rapidly with theaddition of each job to the list.Job Grading or Job Classification Method : This method worksby assigning each job a grade, level or class that corresponds to a paygrade for instance Grade i, Grade II, Grade III and so forth. These gradesor classifications are created by identifying gradations of some commondenominations, such as job responsibility, skill, knowledge, educationrequired, and so on. Then, for each job grade so created standard jobdescriptions are determined. Thereafter, such standard description ismatched with job descriptions in the organisation. The standarddescription that most nearly matches the job description determines thejob's grading. This method requires a decision at the initial stage on thenumber of pay grades to be included in the wage and salary plan. Ofcourse, the actual amount to be assigned to pay grades made after thejob evaluation is completed.Factor-comparison Method : This method is a combination ofranking and point systems. All jobs are compared to each other for thepurpose of determining their relative importance by selecting four or fivemajor job elements or factors which are more or less common to all jobs.These elements are not predetermined. These are chosen on the basis ofjob analysis. The few factors which are customarily used are :mental requirements (ii) skill (ii) physical requirements (iv)responsibilities (v) working conditions, etc.A few jobs are selected as key jobs which serve as standard againstwhich all other jobs are compared. key job is one whose contents havebeen stabilised over a period of time and whose wage rate is consideredto be presently correct by the management and the union.Evaluation of Various Methods : None of the systems is free fromdefects. None is the best in all conditions and for all types oforganisations. However, the point system is the best in the presentcircumstances. It is widely used in almost all the enterprises as atechnique of job evaluation since it presents an analytical approach to themeasurement of job worth. It is better not to insist on a particular systemof job evaluation. A mix of all the methods should be adopted. Management by Objective (MBO) : It was Peter F. Drucker whofirst gave the concept of MBO to the world in 1954 when his book ThePractice of Management was first published. Management by objectivecan be described as, a process whereby the superior and subordinatemanagers of an organisation jointly identify its common goals, defineeach individual's major areas of responsibility in terms of results expectedof him and use these measures as guides for operating the unit andassessing the contribution of each of its members.Essential Characteristics of MBO : The important features ofMBO are as follows :A Philosophy : Management by objective is a philosophy or asystem, and not merely a technique.Participative Goal Setting : It emphasises participative goalsetting.Clearly Define Individual Responsibilities : Management byobjective (MBO) clearly defines each individual's responsibilities in termsof results.Accomplishment of Goal : It focuses a tension on what goalmust be accomplished rather than on how it is to be accomplished(method).Objective Need into Personal Goal : MBO converts objectiveneed into personal goals at every level in the organisation.MAN RESOURCE MANAGEMENTIt Establishes Goals Yardsticks : It establishes standards orgoals yardsticks as operating guides and also as basis of performanceevaluation.Efforts to Blend and Balance Goals : It is a system intentionallydirected toward effective and efficient attainment of organistional andpersonal goals.

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Managing the employees and the various operations of the firm would be a challenging task. Effective…

Based on the modern method of appraisal and career development, Management by Objective (MBO) is one of the most useful approaches. Which essential characteristic of MBO do you think is the best and why? Explain your answer. (essential characteristics are listed in the picture attached)