Goal Seeking

Posted in Human Resources Terms, Total Reads: 1321

Definition: Goal Seeking

Goal seeking is a calculation based process which allows a company or person to know the input which would be required to get a desired output. A reverse calculation helps to determine the inputs or raw materials etc which would help the company achieve its desired output or goals.

The goal seeking approach is based on certain assumptions and parameters, which are kept constant and made variable as per the requirements. Certain parameters like time, value, prices etc need to be understood and can be adjusted as per the best possible as well as worst possible scenarios.

With the advent of technology and more usage of computer softwares, tools have been developed which help in calculating goal seeking values using desired output values. Using these output values, a reverse calculations helps to determine a correct input.

For eg, if a person wants to earn $2000 in a week, and he/she knows that they can work a maximum of 40 hours a week, then they would know that they need a have a minimum earning of $20 per hour to achieve their goal. 

Hence, this concludes the definition of Goal Seeking along with its overview.

Browse the definition and meaning of more terms similar to Goal Seeking. The Management Dictionary covers over 7000 business concepts from 6 categories.

Search & Explore : Management Dictionary

Share this Page on:
Facebook ShareTweetShare on G+Share on Linkedin