Final answer:
The system of goal setting and implementation designed by Peter Drucker is called Management by Objectives (MBO).
Step-by-step explanation:
The system of goal setting and implementation designed by Peter Drucker is called Management by Objectives (MBO). MBO is a management philosophy that focuses on setting specific, measurable, achievable, relevant, and time-bound (SMART) goals and aligning the efforts of employees with the overall objectives of the organization.