Question

1. How do a vision and a mission create value for a company? What characteristics does an effective mission statement have? Is your team’s mission statement effective? Why or why not?
2. What do the terms human capital and social capital mean? What is the importance of human capital and social capital to a firm?   What are you doing to build your own social capital?

answer any one of these

Answer 1

A vision in the context of an organization refers to what the firm intends to accomplish in the long term.The vision statement is intended to give the stakeholders an idea of what the company intends to be in the future.The mission of the organization and the organizational values are based on the vision.In the context of an organization a mission statement states what the goals of the organization are and how the organization is trying to achieve them.A mission statement describes the purpose of the organizations existence.Some of the characteristics of an effective mission statement are :It has a broad scope, it's unique, its motivational,it specific, memorable .It explains what the organization's operations are, how its is doing it and why it's doing it.A mission statement will be updated during the life time of the organization to ensure that the goals that the organization set are being achieved.The teams mission statement is effective since it encompasses the aforementioned attributes of an effective mission statement.