Explain the relationship between mission and vision statements and objectives.

Mission and vision statements guide the formulation of objectives by providing a strategic direction and purpose for an organisation.

A mission statement is a concise explanation of an organisation's reason for existence. It describes what the organisation does, who it serves, and how it does it. It's a reflection of the organisation's identity and its core purpose. On the other hand, a vision statement is a forward-looking declaration of the organisation's future goals and where it sees itself in the long term. It's an inspirational and aspirational statement that provides a clear picture of the future that the organisation is aiming to create.

Objectives, meanwhile, are specific, measurable, achievable, relevant, and time-bound (SMART) goals that an organisation sets to achieve its mission and vision. They are the concrete steps that an organisation plans to take to move towards its envisioned future.

The relationship between mission and vision statements and objectives is therefore one of guidance and direction. The mission and vision statements serve as the compass that points the organisation in the right direction, while the objectives are the roadmap that outlines the path to get there.

For example, if an organisation's mission is to provide high-quality educational resources to underprivileged children and its vision is to eradicate illiteracy, its objectives might include distributing a certain number of textbooks to schools in low-income areas by a specific date or implementing literacy programmes in a certain number of schools within a given timeframe.

In essence, the mission and vision statements provide the 'why' and 'what' of an organisation's existence, while the objectives provide the 'how'. They are all interconnected and each one is crucial in driving the organisation forward. Without a clear mission and vision, an organisation would lack direction and purpose. Without objectives, it would lack a clear plan of action to realise its mission and vision. Therefore, understanding the relationship between mission and vision statements and objectives is crucial for strategic planning and decision-making in business management.