SMART

Examples of SMART in the following topics:

• The Importance of Performance Targets

  • The SMART model is a good framework to keep in mind when generating goals and objectives.
  • It aims to design goals that are specific, measurable, achievable, realistic, and time-targeted (SMART).
  • Each component of the SMART model describes an effective attribute of a performance objective.

• Overview of Strategic Planning Tools

  • Goal setting, similar to MBO and SMART, is a simple method for strategists to establish and enforce specific goals within the organization or strategic business unit (SBU).
  • The SMART model aims to design goals that are specific, measurable, achievable, realistic, and time-targeted (SMART).
  • The SMART model identifies specific goals, measures inputs and outputs, ensures that the goals are attainable and relevant to the mission of the company, and constructs a timeline.
  • Incorporating concepts such as forecasting and benchmarking in conjunction with larger corporate strategy frameworks such as SMART goals and MBO will equip strategists with a strong short-term and long-term approach.
  • Each component of the SMART model describes an effective attribute of a performance objective.

• Setting the Right Goals

  • Goal setting involves establishing specific, measurable, achievable, realistic and time-targeted (SMART) goals.
  • The SMART method for goal setting effectively summarizes the necessary steps to take when setting objectives:
  • TMT (which draws from these two theories of time perspective and diminishing returns) and SMART goal setting together therefore tell us that to maximize motivation and therefore output, managers should divide projects into several more immediate, specific, and realistic sub-goals.

• The Importance of Work-Life Balance

  • With the advancement in smart phones, laptops, and tablets, employees are able to leave the office but still do their work.
  • It is in the best interest of both the employee and employer to avoid these pitfalls through smart human resource management.

• Building a Culture of High Performance

  • Clear goals – SMART objectives are essential to high performance, just as understanding where one is going is essential to finding the best route.

• Accelerated Change and Adaptation

  • When the smartphone was introduced and became popular, all companies in the phone industry had to react rapidly to switch their operational focus to smart phones, data plans, app stores, and multiple device integration.

• Fostering Innovation

  • Creating a participation-based environment means creating smart teams, encouraging open dialogue, and minimizing authority.