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www.gyaniversity.com92Managerial Processes-I Explain the need for MBO in an organization and the process involved in it. Briefly discuss the benefits of having MBO in an organization.the set objectives. During these sessions, performance data is compared against the benchmarks established in the planning phase, and any deviations from the targets are discussed. This monitoring ensures that the objectives remain relevant and that corrective measures can be taken when needed.Providing Feedback and Performance Appraisal: Feedback is an integral part of MBO. Constructive comments are provided based on performance assessments, and employees are informed about areas of strength and those needing improvement. Formal performance appraisals based on the achievement of set objectives are conducted periodically. This feedback loop reinforces accountability and helps in making necessary adjustments to plans or strategies.Revising Objectives and Plans: After assessing the performance, objectives and action plans may be revised if necessary. Given the dynamic nature of the business environment, MBO is not static. It evolves in response to changing market conditions, technological advancements, and internal operational realities. Revisiting and revising objectives help maintain relevance and alignment with current business needs.Benefits of MBO in an OrganizationImplementing MBO offers several significant benefits:Clarity and Focus: By setting clear objectives that are aligned across the organization, each employee knows exactly what is expected of them. This clarity reduces ambiguity and helps focus individual efforts on tasks that directly contribute to organizational goals.Enhanced Motivation and Engagement: The participative nature of MBO fosters a sense of ownership among employees. Involvement in goal settingboosts their commitment, leading to enhanced job satisfaction and motivation.Improved Communication and Coordination: MBO promotes continuous dialogue between managers and employees. Regular performance reviews and feedback sessions improve communication, ensuring that any issues are addressed promptly and collaboratively.Better Performance Measurement: With clear, measurable goals in place, assessing and quantifying performance becomes more straightforward. The ability to track progress allows for timely corrective actions and reinforces a performance-oriented culture.Increased Accountability: When objectives and targets are clearly defined, both managers and employees are held accountable for their performance. This