Vision Mission and Objectives What and Why!?

I would like to share my understanding about Vision Mission and Objectives by showing how they are linked together.
Vision: A High level description of the desired state. Brief, concise and realistic.
This comes from the Board of directors, Executives, Owners etc. (the top level)
For this vision to come true, many things need to be done, some are inter-related. So, we need to know what is the role of each sub-organization or division (the second level) to enable making this vision real, these are our missions.
Mission statements are developed by communications and discussions between the top level and the second level.
Once agreed upon, each Division will have its Mission which is aligned with and contributes to achieving the Organizational Vision.
Then what? These mission statements are broad high level statements… Here comes the need to breakdown each mission statement into a ‘specific set of objectives’:
• Objectives are precise, clear, and include all the work needed to achieve the mission statement.
• Each objective can be ‘owned’ by a middle manager within the division.
• Each objective has its quantitative measures of success (10% cost savings in operations; new software implemented; Establishing a local office for division X in country Y, Expand workforce to include Z qualified civil engineers etc.)
• The owner can determine how to achieve this objective (develop a plan and determine required resources)
• Division Manager approves the resources based on the plan.
• The owner of the objective is responsible for executing the plan and accountable for realizing the measures of success.
Division Managers can then ‘coach and monitor’ while middle managers ‘plan, execute and report’.
This method presents an example of a top-down approach of the Vision-Mission-Objectives chain; and we should be ready for changes in the working environment as follows:
• Tuning the mission statements and objectives as response to small changes
• Reviewing our vision periodically (annually maybe) and update all the above.
Looking forward to see other views and learn from other experiences.