Dear Seniors and fellows, kindly share your views for the following attempt:

Original Passage:

Objectives pursued by, organizations should be directed to the satisfaction of demands resulting from the wants of mankind. Therefore, the determination of appropriate objectives for organized activity must be preceded by an effort to determine precisely what their wants are. Industrial organizations conduct market studies to learn what consumer goods should be produced. City Commissions make surveys to ascertain what civic projects would be of most benefit. Highway Commissions conduct traffic counts to learn what constructive programmes should be undertaken. Organizations come into being as a means for creating and exchanging utility. Their success is dependent upon the appropriateness of the series of acts contributed to the system. The majority of these acts is purposeful, that is, they are directed to the accomplishment of some objectives. These acts are physical in nature and find purposeful employment in the alteration of the physical environment. As a result utility is created, which, through the process of distribution, makes it possible for the cooperative system to endure.

Before the Industrial Revolution most cooperative activity was accomplished in small owner managed enterprises, usually with a single decision maker and simple organizational objectives. Increased technology and the growth of industrial organization made necessary the establishment of a hierarchy of objectives. This is turn, required a division of the management function until today a hierarchy of decision makers exists in most organizations.

The effective pursuit of appropriate objectives contributes directly to organizational efficiency. As used here, efficiency is a measure of the want satisfying power of the cooperative system as a whole. Thus efficiency is the summation of utilities received from the organization divided by the utilities given to the organization, as subjectively evaluated by each contributor.

The function of the management process is the delineation of organizational objectives and the coordination of activity towards the accomplishment of these objectives. The system of coordinated activities must be maintained so that each contributor, including the manager, gains more than he contributes. (324 Words)

Title: The role of objectives in organizational behavior

Precis:

Different organizations should assess the needs of people before pursuing their objectives, and achievement of these objectives creates utility which leads to sustainability of the cooperative system. The cooperative activity has evolved from single decision maker and simple objectives to a hierarchy of decision makers and a hierarchy of objectives. Moreover, the accomplishment of these objectives has a direct relation with the organizational efficiency. The role of the management is to define these objectives and coordinated activities so that each contributor could gain more than his contribution by maintaining them.

good attempt
I am posting mine solved precis in order to give u an idea
"Organizations exist to deliver customer value.In order to deliver maximum customer value, determining customer needs is per-requisite. This purpose is served by conducting marketing research.In this regard all public and private entities gather and analyze data for decision making. However, before industrial revolution sole proprietorship was the only business form that worked on the principle of centralization.It was only after the dawn of industralization that led to the formation of cooperations and division of labor.The division of work did not only help in efficient value delivery but also effective decision making."

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I think, the first summary incapsupates the ideas of the passage better. I am going to post my version. Sharing will help us all