Question

Identify and explain the acronym S.M.A.R.T. as used in goal setting theory. Give an example of a S.M.A.R.T. goal from your own life.

Answer 1

Ans - SMART goal setting theory is basically used in the management field by the managers. SMART goal setting helps to achieve goals not only professionally but in personal life also if it is implemented and followed properly. SMART goals give you direction, motivation, clarity in your plan and helps in achieving the goals faster SMART acronym stands for Specific, Measurable, Achievable, Realistic, Time-bound.

Specific - It helps in setting the clear goal of what exactly you want to achieve.

Measurable - It helps to keep the track record of your progress towards achieving your goal. It is important to keep monitoring our progress to achieve the final goal.

Achievable - It helps in setting a goal which is achievable that means a goal which you can achieve and an impossible task should not be set as our goal.

Realistic - The goals which are set should be realistic that means it should be within your reach and it should be relevant to the purpose of your life.

Timely- The goals which are set should be time-bound, that means the goal should be accomplished within the time frame.

Now let us understand through an example of how SMART goals are set. Suppose if you want to save money for your higher studies. So you should have a proper plan to do this and this can be achieved by a SMART goal setting.

Specific - The first step is to set a specific financial goal that means you should exactly know how much money you need to complete your higher studies and how much you need to save every month to do that. Calculate the exact amount of expenses which will incur.

Measurable - You should track your monthly savings and check regularly whether it is the exact amount as planned by you earlier.

Achievable- The financial goals which is being set by you should be achievable that means the amount can be saved and if not then cut unnecessary leakages of money to achieve that amount.

Realistic - The goal should be realistic. For example, if you are earning $500 per month and you want to save $450 every month then the goal will not be realistic deep down in your heart you it can't be done.

Time-bound - The financial goal which is being set should be time bound that means you should know exactly in how many weeks or months you should be able to achieve your target.