Applying Management by Objectives (MBO) in Operations Management - Insights from Peter Drucker Instructions: 1. Please read and familiarize yourself with Peter Drucker's concept of Management by Objectives (MBO) and its application in operations management. . Select an organization or business process within an organization where you can apply MBO principles in the context of operations management. It could be a manufacturing process, supply chain management, service delivery, or any other relevant area. 3. Analysis of Operational Objectives: 1. |ldentify and define three vital operational objectives that are critical to the success of the selected organization or business process. These objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). . Discuss why these objectives are important and how they align with organizational goals and strategies. . Development of Key Performance Indicators (KPls): . Develop at least two key performance indicators (KPlIs) for each objective based on the identified operational objectives. These KPIs should provide measurable metrics to assess the progress and performance of the operational objectives. . Justify the selection of each KPI, explaining how it aligns with the corresponding operational objective and contributes to overall organizational performance. . Performance Evaluation and Feedback Mechanisms: . Design a performance evaluation system incorporating the MBO principles to monitor and assess the progress of the operational objectives and KPIs. . Discuss how the performance evaluation system can provide feedback and support continuous improvement efforts within the organization or business process. . Identify potential challenges or limitations when implementing the performance evaluation system and propose strategies to overcome them. 1. Implementation and Monitoring: 1. Develop an implementation plan for integrating MBO principles into the selected organization or business process. 2. ldentify the necessary resources, roles, and responsibilities required for successful implementation. 3. Outline the steps for monitoring and reviewing progress towards the operational objectives and KPIs and propose mechanisms for course correction if needed. 1. Reflection and Recommendations: Write a reflective report summarizing your experience applying MBO principles to operations management. Include the following points: . Reflect on the value and relevance of MBO in = enhancing operational effectiveness and performance. 2. Discuss any challenges or benefits encountered during the assignment, considering theoretical and practical aspects. 3. Provide recommendations for implementing MBO principles in their operations management practices. Note: Note: 1. Support your arguments with references to Peter Drucker's work on MBO and other relevant sources. 2. Use a combination of theoretical insights and practical examples to demonstrate your understanding and application of MBO in operations management. 3. Ensure clarity, logical flow, and proper referencing throughout the assignment