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1.13 Key Concepts in Defining the Objectives

Following are the key points of this chapter:

  • Groundwork in understanding and defining the problems facing a corporation is essential to bring to light functional areas requiring improvement. They need to determine the scope of functional areas that may be impacted.
  • It is necessary to establish corporate objectives to strategically define the direction of a company. This requires consensus among decision makers.
  • A corporation has multiple conflicting objectives that require the balancing of cross-function activities.
  • Decision criteria and metrics provide quantifiable measures that can be driven down into the corporate decisions so that activities meet the corporate objectives.
  • Understanding the data required and data available to support corporate metrics facilitates the measurement of the key metrics and contribution to accomplishing corporate objectives.
  • Subjective data or opinions provide insights into a subjective assessment of a metric. Subjective data and expert opinions are typically forward looking in nature, trying to predict what will happen in the future as opposed to statistical analysis that deals with historical data.
  • It is important to weight the objectives and metrics across all executives to gain a consensus in the direction of the company.
  • Senior executives must be involved in this initial step of the process to establish the corporate objectives that can drive the cross-functional problem solving effort.
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