Final answer:
The setting of objectives and identification of methods to achieve them is called planning. This process is a key component of management and involves setting realistic, appropriate, and measurable goals.
Step-by-step explanation:
The setting of objectives and the identification of methods to achieve those objectives is referred to as planning. Planning is a fundamental aspect of management and business studies. It involves setting goals and objectives, and outlining the steps necessary to achieve them. This process is essential for the success of any business, as it sets a clear direction and provides a road map for reaching desired outcomes. Effective planning requires a thorough understanding of the desired goals, as well as the resources and actions needed to attain them. As part of this planning, making objectives achievable and appropriate is critical; this means that the goals must be realistic and aligned with the available resources. Additionally, establishing measurable and motivational criteria helps in tracking progress and maintaining focus on the objectives.