Why are Setting Goals and Smart Objectives Important?
Summary
The goals and objectives process is fairly straightforward, and it is generally accepted to be key to effective strategic management in any business or organization. Obviously, though, you have to pay attention to more than just customer service as you flesh out your strategic management plan for business growth. ; You may be familiar with the acronym SMART in terms of objectives, but let’s review what it means: • None • M -Measurable: Performance can be measured to compare with targets • A – Attainable: The capability is there to reach the targets So, if the goal is to introduce new products, the SMART objective might be to introduce two new products in the coming year. It assists in creating “dashboard” systems that displays performance, and allows managers to recognize when things get off-track in time to make appropriate corrections. So good business objectives for companies with inventory, scrap, or long lead times are to: What Happens When We Decrease Variation?
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