Question

Explain what part of the formal goal-setting process is most challenging from your perspective. Then, further explain three separate strengths and weaknesses associated with effectively setting formal goals. I am asking for your personal perspective and opinion in this answer - so please consider your own business experiences in answering this question

Answer 1

The most difficult step in the formal goal-setting process is to establish organizational goals and plans. The reason behind this is that the organizational goals should be well drafted and well understood so that these can be accomplished through the goal-setting process. The goals and plans of the organization are to be decided on the basis of the management philosophy and the prevailing circumstances in the external environment. It needs a close eye on both the external environment, market, competitors, and the capability of the organization.

Strengths=

This will help the organization to focus on the main objectives and guide all the initiatives towards that

It will help in conducting the performance-oriented performance evaluation in the firm

This will be useful in managing the various activities and processes well and efficiently

Weaknesses=

The management may not consider all the aspects of the goal-setting that could cause the derailment of the entire process

There may be incidences when the top management delegate this process to the lower-level managers and thus losing the significance of the process

It needs a lot of resources, efforts, time and paperwork