Question

In: Economics

What does M stand for in SMART objectives? Explain and provide two examples of objectives that...

What does M stand for in SMART objectives? Explain and provide two examples of objectives that would fit the M criteria?

Solutions

Expert Solution

S stands for Specific
M stands for Measurable
A stands for Achievable
R stands for Realistic
T stands for Time-bound

Every company's goals should be SMART i..e specific, measurable, achievable, realistic and time-bound. Goal statement is the most important document for any company, basis on which whole organization works.
Here, Measurable means to measure the progress of work towards achievement of goal, within specific criteria. Any goal that is defined in goal statement should be measurable. Any goal which in not measurable in not a goal. Questions that can be asked here in:
How much?
How many?
How would I know when the goal is reached?

Let's understand with an example (let take basic day to day life example to understand)
1) I want to reduce 9 Kg weight by 28th Feb (at 3 kg per month) and reduce fat, gain muscle.
Here, goal is Measurable i.e. 9 kg weight loss, at 3 kg per month., it also has other SMART goals.
2) A company wants to open its new branch in New Jersey by 31st Dec, 2019, employing nearly 100 employees.
Here, goal is again measurable. By 31st December, 2019, if the new branch is opened or not can be measured.


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