Mission and Objectives

VISION

Defining Vision

“Description of something in the future”

“Mental perception of the kind of environment an individual, or an organization, aspires to create within a broad time horizon and the underlying conditions for the actualization of this perception”

Vision Vision statement identifies where the organization

intends to be in the future or where it should be to best meet the needs of stakeholders.

Incorporates a shared understanding of the nature and purpose of the organization and uses this understanding to move the organization toward a greater purpose.

It is a business’s guiding image of success. “Destiny is not a matter of chance, but of choice. Not something to wish for, but to attain”

That end is the vision of an organization or an individual.

Importance of Vision

A tool to inspire and provide a sense of direction and purpose.

A vision provides the fabric for working together and accomplishing our goals.

A good vision statement will help when there are no clear answers, or for critical decisions that will fundamentally impact your products or services. Control your destiny or someone else will!

Benefits of having a vision

Good visions are inspiring and exhilarating.

Good vision foster long term thinking.

Good vision foster risk-taking and experimentation.

Good vision help in the creation of a common identity

and a shared sense of purpose.

Good visions are competitive, original and unique.

Good visions represent integrity, they are truly genuine

and can be used for the benefit of people

Vision Statement

A vision statement answers the question,

“ What will success look like?”

The pursuit of this image of success is what motivates

people to work together.

Example vision statement

Infosys “To be a globally respected corporation that provides best-of-breed business solutions, leveraging technology, delivered by best-in-class people.”

McDonald’s “We are committed To doing what is right. To being a good neighbour and partner in the community To conduct our business with the environment in mind”

MISSION

Defining Mission• Mission is a statement which defines the role

that an organization plays in a society• “Essential purpose of the organization,

concerning particularly why it is in existence, the nature of the business it is in, and the customers it seeks to serve and satisfy.”

• “Purpose or reason for the organization’s existence.”

Mission Statement

Describes how your business is going to accomplish its vision.

“Mission is an enduring statement of purpose that distinguishes one firm from other similar firm. A mission statement identifies the scope of a firm’s operations in product and market terms.”

Characteristics of Mission

Feasible

Precise

Clear

Motivating

Distinctive

Indicates major components of strategy

Importance of an explicit mission

To ensure unanimity of purpose within the organization.

To provide a basis for motivating the use of the organizations resources.

To develop a basis, or standard, for allocating organizational resources.

To establish a general tone or organization climate.

To serve as a focal point for those who can identify with the organization’s purpose and direction

Formulation of Mission

Organizational mission

Organizational philosophy and vision

Key decision makers’ philosophy and vision

Fact Premises Value Premises

Mission Statement

For developing missions of any project or organisation, the following two questions’ answers should be written:

What are we going to do? How are we going to do it

Toyota Company• Vision: Toyota will lead the way to the future of mobility, enriching

lives around the world with the safest and most responsible ways of moving people.

Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile.

• Mission: Supplying the range of vehicles, parts, accessories and

services to meet the requirements Ensuring that products are of outstanding quality, value for

money and instill pride of ownership

Apple Company Vision:“Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.”

Mission:“Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with iPad.”

Difference between mission and vision

A mission statement describes the *present* state of a person or organization: "Who are you? Why are you here? Why do you exist?" while the vision statement describes *future* state: "Who do I want to be? Where do we want to go?“

A Mission statement is more specific to what the enterprise can achieve itself while the Vision should describe what will be achieved in the wider sphere if the organization and others are successful in achieving their individual missions. 

OBJECTIVES

Objectives

Objectives represent a managerial commitment to achieve specified results in a specified period, of time.

Objectives clearly spell out the quantity and quality of performance to be achieved, the time period, the process and the person who is responsible for the achievement of the objective.

After developing mission statement, objectives are required to define. Objectives are much specific than mission statement

For example- I want to finish my assignment by 10 o’clock this morning. This indicates to perform a number of tasks including typing text into computer, reviewing some questions/criteria that have already be written, printing out the assignment for proofreading and so on.

• “Objectives are end results of planned activity”

• “Objectives state what is to be accomplished by when and should be quantified if possible.”

Features of Objectives

Objectives must be evaluated by SMARTER tool:• Specific• Measurable• Attainable• Realistic• Timeframe• Extending • Rewarding

Objectives of NTPC BHEL

BUSINESS OBJECTIVE The prime objective of the Company is to enhance the capability and capacity of the Power Sector and supplement the efforts of both the promote companies.

The Main Objective of the Company is: 

(a) To explore, secure and execute EPC contract(s) for Power Plants and other Infrastructure Projects in India and abroad including plant engineering, project management, quality assurance, quality control, procurement, logistics, site management, erection and commissioning services. (b) And to engage in manufacturing and supply of power equipment plants and other infrastructure project requirements in India and abroad. 

Hierarchy of Objectives

Socio-Economic Purpose

Visionary long term concept of organization

Organizational Mission

Organizational Objectives

Objectives in key result areas

Departmental Objectives

Sectional Objectives

Individual-level Objectives

Top-Dow

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Importance of Objectives

• Directions for Decision Making• In formulating Strategies• Motivating Force• Performance Standards• Basis for Decentralization • Integrating Organization, Group, and

Individual

Objective Setting

Generally set by a formal explicit recognized, legally specified organs of the organization.

Consists of three important aspects• Factors which affect objective setting• Issues involved in objective setting• Areas in which objectives should be set

Factor Affecting Objective Setting

Forces in environmentOrganization's Resources and Internal

Power RelationshipsValue system of top executivesAwareness by management

Issues in Objective Setting

SpecificityMultiplicityPeriodicityRealityQuality

Areas of Objective Setting

All key result areas depending on the nature of organization.

According to Drucker organizations should set objectives in:• Market standing• Innovation• Productivity and Profitability• Physical and financial Sources• Manager performance and development• Worker performance and attitude