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Financial Management - Finance – An Introduction

Objectives / Goals – Meaning - Financial Goals

   Posted On :  19.06.2018 09:43 pm

Objectives or goals are the end results towards which activities are aimed.

Objectives / Goals – Meaning
 
Objectives or goals are the end results towards which activities are aimed. Formulation and definition of objectives of an organization is the basic requirement of effective management. According to George R. Terry, “a managerial objective is the intended goal which prescribes definite safe and suggests direction to efforts of a manager”. Further objectives can either he short term or long-term. As business activities involve allocation of source resources among alternative uses, expected return must be balanced against its opportunity cost. It is a fait accompli to observe firms wishing to pursue several goals, of which profit maximization is of primary objective. Every firm or an organization wish to maximize profits, while at the same time minimizes expenses.

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