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Profit maximisation criterion
Profit maximisation criterion is unsuitable and inappropriate as an operational objective of financing, investment and dividend decisions of a firm. It isn't only vague and time value of money. It follows from the above that a suitable operational decision criterion for financial management should
(i) be exact andprecise,
(ii) be based on "bigger the better" principal,
(iii) consider both quantity and quantity dimensions of benefits
(iv) recognise the time value of money. Alternative to profit maximisation that is wealth maximisation is one such measure.
Deficiency in Design - This exists when a control essential to meet the control objective is missing or an existing control isn't properly designed so that even if control operates
Why the term objective is used for The term is used in a rather narrow sense of what a firm must attempt to achieve with its financing, investment and dividend policy decisions
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