The objectives term is commonly used in the business world, it can be defined as the aim of person or organization to achieve the target. Majority of organization that objectives can show the clear path towards the destination. Although, this term is not a new but still people confuse it with the other terms like goal, strategy and etc. The term SMART which stands for specific, measurable, Achievable, Realistic and Timely was floated to clearly define the term objectives.
The objectives should be SMART
Specific – The objectives should be very clear so every stakeholder can easily understand.
Measurable – Objective need to be quantifiable in order to calculate the progress in percentages, numbers and ratio.
Achievable – Are the defined objectives are attainable.It should not be very easy that the resources can achieve it without doing anything or nor should be very hard that it is impossible to achieve even after putting 100% of efforts.
Realistic – Are the defined objectives are realistically achievable with the available resource (man power, machinery, money etc).
Time – How much time required to achieve the objectives?
Examples of SMART Objectives
There are different type of objectives organization can define as mentioned in the following examples.
Market Share Objectives – We need to increase our products market share by 10% by 2010.
Expansion Objectives – The number of employees will be increased from 500 to 700 by next year.
Profit Objectives – An objectives can be to increase the profit by 20%.
Benchmark Objectives – An objectives to meet the standards of ISO, Six Sigma etc.