A management system or program that encompasses specific performance goals, participatively set by employees and managers for an explicit time period, with continuous performance feedback on goal progress, is known as:

Definition: Management by Objectives (MBO), a term popularized by Peter Drucker in 1954, is a systematic process where managers and employees jointly identify common goals, define target areas of responsibility, and use these measures as guides for operating the unit and assessing contributions. Four Pillars of MBO: Goal Specificity: Targets are clearly articulated rather than vague statements. Participative Decision Making: Goals are not unilaterally imposed but jointly established through consultation between superior and subordinate. Explicit Time Period: Every objective has a concise, defined deadline for completion. Performance Feedback: Continuous monitoring and feedback allow individuals to track progress and make timely adjustments.