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The document discusses the importance of Vision, Mission, Goals, and Objectives (VMGO) in organizations, emphasizing their role in motivating employees and guiding decision-making. It also highlights the significance of economics in understanding development issues and critiques the strictly economic definition of development as inadequate, advocating for a broader perspective that includes social and cultural dimensions. Furthermore, it outlines Amartya Sen's capability approach to development, focusing on expanding individual freedoms and capabilities, and identifies core values and objectives essential for fostering human well-being.

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Erica Chricel T. Esperas
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12 views3 pages

Assignment

The document discusses the importance of Vision, Mission, Goals, and Objectives (VMGO) in organizations, emphasizing their role in motivating employees and guiding decision-making. It also highlights the significance of economics in understanding development issues and critiques the strictly economic definition of development as inadequate, advocating for a broader perspective that includes social and cultural dimensions. Furthermore, it outlines Amartya Sen's capability approach to development, focusing on expanding individual freedoms and capabilities, and identifies core values and objectives essential for fostering human well-being.

Uploaded by

Erica Chricel T. Esperas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ESPERAS, ERICA CHRICEL T.

BSA - 1D
Prof. Edna B. Mata
ECONOMIC DEVELOPMENT
.
1. Vision, Mission, Goals, and Objectives (VMGO)
● Why do you think companies/offices make their VMGO and Quality Policy in a strategic area?
❖ Companies/offices make their VMGO and Quality Policy in a strategic are because of several
reasons:
- To ensure its visibility and accessibility to all the members of the workplace.
- To guarantee that all the employees and the employer are in compliance with the said
VMGOs.
- Placing it in a strategic area also promotes motivation and inspiration to all work-force
of the company.
- It is also convenient if it’s placed in a strategic area as a reference especially during
decision-making.

● When you read the given post what comes to your mind? (Referring to VMGO)
❖ When I read a specific VMGO of a business one thing that immediately comes to mind is my
overall impression of that specific business. This includes how I will perceive the organization’s
purpose, direction, commitment, their ability to be accountable, their standard, and even how they
motivate and encourage their labor force. Overall, the VMGOs serve as the blueprint of the
business.

● If you are part of the institution, how do you think VMGO influences your work ethics and overall
performance?
❖ If I am part of a specific institution, I would say that the VMGOs of our company will mold me in
a personal and professional manner. It will help me to determine my purpose as a worker, it will
inspire, motivate and encourage me to work hard, and will guide me to perform outstanding in the
field that I’m tasked with.

2. Economic Development
● Why is economics central to understanding problems of development?
❖ Economics is central to understanding the problems of development because it provides the
tools, frameworks, and insights necessary to analyze and address the challenges that hinder
economic progress and human well-being.
❖ It also addresses significant issues in the society that impede the development of the overall
performance of a specific country such as scarcity, poverty, and inequality.

● Why is the strictly economic definition of development inadequate?


❖ The strictly economic definition of development can be considered as inadequate due to the reason
that the word “development” itself is multifaceted. Its concepts extend and go beyond economic
metrics as it also encompasses social, cultural, political, and environmental dimensions of human
beings.

● Why do you think the SDGs are given utmost importance in international relations among nations?
❖ I think that SDGs are given utmost importance in international relations because of its purpose.
SDGs are created to address issues globally and are not only faced by people in a specific country.
Therefore, relationships of every country member of the United Nations (UN) can only promote
peace and harmony if the 17 SDGs can be properly implemented by the respective members of the
UN.

● Why is understanding of development crucial to policy formulation?


❖ Understanding development is crucial to policy formulation because it will be the guide or
framework to create effective and efficient policies. It identifies priorities and needs, assesses
the causes of the root problems, balances short-term and long-term goals, and promotes
sustainability for the betterment of the people and the society.

3. Development
● Define development
❖ Development can be defined as the process of improving the quality of life and well-being of
individuals and communities by expanding their capabilities, increasing their opportunities, and
reducing deprivations.
❖ It encompasses economic, social, political, and cultural advancements aimed at fostering human
flourishing, social justice, and sustainability.

● State the definition of development by Amartya Sen (the capability to function principle)
❖ Nobel-prize winner Amartya Kumar Sen has defined development as “the process of expanding
the freedom that people enjoy” he simply relayed a message that human-being has the ability to
determine what kind of life they perceive as well as the things that they value.

● What is the underlying principle behind Sen’s definition of development? Why is this important?
❖ The underlying principle behind Amartya Sen's definition of development is the "capability
approach," which emphasizes that development is fundamentally about expanding individuals'
freedoms and capabilities to lead the lives they value and have reason to value.
❖ He also emphasized how we develop our freedom including the appreciation of its intrinsic value
and managing capabilities over resources.

● Enumerate the core values and objectives of development


❖ According to Sen’s "Development as Freedom" theory the core values are the following:
o Sustenance
this refers to the ability to meet basic human needs like food, water, shelter, and
healthcare, ensuring survival and physical well-being.
o Self-esteem
this encompasses the sense of personal worth, dignity, and respect within a
society, allowing individuals to participate actively and contribute to their
community.
o Freedom
this relates to the ability to make personal choices and have control over one's
life, including freedom from oppression and exploitation.
❖ Meanwhile, key development objectives aligned with these values:
o Economic growth - Increasing the overall wealth and productivity of a nation to
improve living standards.
o Social equity - Ensuring fair distribution of opportunities and resources across
different social groups.
o Education and skills development - Enhancing access to quality education
and training to empower individuals and contribute to economic progress.
o Health improvement - Providing quality healthcare services to improve
population health outcomes.
o Environmental sustainability - Promoting sustainable practices to protect the
environment for future generations.

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