Management by objectives refers to a management process which employs:

Management by objectives (MBO) is a strategic management model that focuses on defining specific, measurable goals that are agreed upon by both management and employees. The core principle of MBO is to set clear objectives that are measurable, allowing individuals and teams to work toward achieving these goals effectively.

Choosing precise, measurable objectives allows for tracking progress and evaluating the success of both individuals and the overall organization in meeting these objectives. Measurable objectives facilitate accountability, encourage motivation, and provide a clear framework for performance evaluation, thus creating a structured approach to managing and achieving goals.

The other options do not accurately capture the essence of MBO. For instance, broad objectives might lack the specificity needed for effective management, and goals set solely by departmental superiors or top management do not engage employees in the goal-setting process, which is a critical element of MBO. Setting objectives without the element of measurability undermines the ability to assess progress and outcomes effectively. Thus, the emphasis on having precise, measurable objectives is what makes this approach successful in practice.