Answer:
Management by Objective is a management style or philosophy whereby the manager assigns a task (the objective) and gives the employee some freedom of how to achieve that objective. The manager must clearly define the task and specify any limitations such as a deadline, budget, etc. The manager would offer to provide any suggestions, directions or assistance needed by the employee and check on the progress periodically.
For example, a manager might ask an employee to cut the lawn around a building and have it done by a certain time. The employee could then decide whether he would cut the front first or the back first. He could decide what direction to go and if/when to take a lunch break, etc.