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Jeffery Whippo is a professional businessman and educator with many years of experience in the field. According to him, there has been a huge misunderstanding and mixing up of the terms policy, objective and goal in the workplace. A policy, Jeffery Whippo says, is a written statement of intent, and is implemented by a company as a procedure or protocol in an effort to regulate certain actions and decisions. Jeffery Whippo defines an objective (in business) as a statement of long-range purpose that is neither quantified nor limited to a specific time period. Jeff Whippo further explains that a company goal is a measurable objective of the business that is constantly judged by management and is identified to be attained at a specific time through a series of planned steps and actions.
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Jeffery Whippo Explains the Commonly Misunderstood Terms - “Policy,” “Objective,” and “Goal”
Jeffery Whippo – Introduction • Jeffery Whippo is a professional businessman and educator with many years of experience in the field. • He holds a Ph.D. in Educational Psychology and a Doctorate in Business Administration. • According to him, there has been a huge misunderstanding and mixing up of the terms policy, objective and goal in the workplace.
Jeffery Defines “Policy” • A policy, Jeffery Whippo says, is a written statement of intent, and is implemented by a company as a procedure or protocol in an effort to regulate certain actions and decisions. • Policies are usually instituted within companies for avoiding some negative effect that has been noticed in the organization, or for seeking some positive benefit. • For example, many large companies have policies that spending above a certain amount of money must be performed via a purchasing process that would include the development of a formal purchase order by the purchasing or finance department. • By implementing this type of process, a company would be able to limit unnecessary spending and standardize the way large purchases are done.
Jeffery Explains the Term “Objective” • Jeffery Whippo defines an objective (in business) as a statement of long-range purpose that is neither quantified nor limited to a specific time period. • Companies usually have a number of objectives that cater to the varying interests of their stakeholders. • Objectives can commonly be divided into three classes; measurement objectives, growth/survival objectives, and constraint objectives. • Both objectives and goals should not be based purely on facts and data, but should also be based on the values and feelings of the company and its stockholders.
Jeffery Explains What a Company Goal Is • Jeff Whippo further explains that a company goal is a measurable objective of the business that is constantly judged by management and is identified to be attained at a specific time through a series of planned steps and actions. • An example of a company goal would be to achieve a 10% reduction in overall cost over the next 3 years. • Strategies and tactics would then need to be developed and continuously managed in order for the company to achieve the desired result.
