Target Setting for an Entrepreneurships Development Programme

Abstract

Goal theory states that when specific targets are set, it leads to enhanced performance rather than merely seeking performance maximisations without clear targets. Studies also show that when provided with specific performance targets individuals tend to perform better in comparison to general instructions like giving the best. Developing effective targets has always been difficult mainly due to systems complexity, the amount and accuracy of the data required and with lack of attention in implementing the process. Setting realistic targets is of strategic importance to organisations and they tend to devote substantial time and resources in this process. It is also found that the target setting processes adopted are not very effective in reaching the goals as set during this the process Studies show that the large data-based forecasts are not always more accurate than naive forecasts. Most of the source of error is due to inefficiencies and biases in the forecasts that tend to ignore the role of contextual information in achieving accuracy.