SMART for strategies

Latest revision as of 13:24, 4 March 2023

[edit] Abstract

Initially created by George T. Doran in the Management Review, SMART is the acronym for the tool: Specific Measurable Assignable Realistic and Time-related[1]. The main purpose of the tool was to create something that every manager or team member could follow thereby making it an effective tool used in setting goals and objectives for a task. This is why this tool is more effective in strategies as it helps pay the way for new ideas that can be implemented in a project.

Although the tool has different purposes and meanings where it can be implemented; it is still used as the most efficient tool in goal setting. The scope and use of the tool are enormous in ways that they can easily be combinable with other methodological project management tools like Gantt charts, FMEA, etc. having a flexible application regardless of the project size is another reason for its popularity.

This article will go over the basics of the Goal setting tool and focus on its implementation in strategies, applications and Limitations of the tools.

[edit] Why Goal Setting

The practice of creating goals has existed for centuries; the earliest examples may be found in philosophic works, where they take the shape of personal goals and aspirations. Since Frederick Winslow Taylor's presentation of the management theory of Scientific Management at the beginning of the 20th century, goal setting became increasingly popular in the corporate world. Since that time, goal-setting is a common technique that is employed in both personal and professional settings. This is usually defined as the most crucial step in a project as unclear goal settings in companies hindered continuous progress within the organization.

Goals in general can be seen in the short term and long term, and are worked on an overall vision. Developing the right goals represents a crucial part of project management as it promotes accountability by establishing clear expectations and responsibilities for individuals. However, from the traditional approach of applying goals at the start, it is also encouraged to be done on an ongoing basis, as circumstances change and new opportunities arise. Overall goal setting usually depends on the individual or organization's preferences and needs. Regardless of the timing, the key is to establish clear, specific, and actionable objectives that are aligned with overall values, vision, and mission.

[edit] Application in real time

After the scope has been finalized, the SMART goals are implemented. Due to its great scope of application possibilities, SMART goals can be utilized throughout the project management process[2]. However, the main aspects of the application in project management are planning, performance management, and monitoring[3].

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Implementation with other tools

Given the scope of application possibilities, as discussed prior the SMART tool can be combined with other project management tools to create a more comprehensive approach to goal setting and achievement. One such tool is the use of GANTT Chart.

With the likes of a visual tool, combining the SMART tool with the Gantt chart can help to create a more structured approach to project management.

Assuming a team is working on a strategy to increase their sales through a product that is to be launched in the upcoming sales quarter. The team can use the SMART tool to define the goals that help with the strategic planning process, and once the goals are set; the team can create a GANNT chart to plan and schedule the tasks needed to be met to achieve these goals. The chart would include the start and end dates for each task and the interrelation between each task. This can help the team to craft a perfect strategy and identify any potential roadblocks and adjust the schedule accordingly. Thus, this can help increase the success rate of the project and minimize the risk of financial issues or delays.

How SMART changes while applying in strategies

In companies, different situations arise during the lifetime of a project which leads to the final goal being complex or challenging, and a structured approach is required to ensure success.

1) Clarifies Objectives: The SMART tool gives an organized strategy for creating clear and defined objectives. Companies may use the SMART criteria to verify that their objectives are well-defined, actionable, and in line with their vision and purpose.

2) Sets Achievable and Realistic Goals: The SMART tool encourages businesses to define objectives that are both achievable and practical. This helps to keep firms from establishing unrealistically high targets that are demotivating.

3) Progress is measured using the SMART method, which requires businesses to define quantifiable objectives that can be tracked and monitored over time. This enables businesses to track their progress and adapt their strategy and tactics accordingly.

4) Improves Accountability and decision-making: The SMART tool assists businesses in establishing accountability by establishing time-bound objectives and outlining clear responsibilities for meeting them thus giving a clear framework for evaluating different options and selecting the most appropriate course of action improving the overall decision-making process in time.

[edit] Limitations of the tool

While the SMART tool has numerous applications, including project management and strategic planning, it does have significant limits.

1) Can Encourage Short-Term Thinking: The SMART tool's focus on time-constrained goals may encourage short-term thinking and discourage long-term planning and strategic thinking.

2) May Lead to Narrow Focus: The SMART tool may lead to a narrow focus on achieving a specific goal, at the expense of broader organizational objectives.

3) Focuses on Quantitative Measures: The SMART tool tends to focus on quantitative measures and may not fully capture the qualitative aspects of a goal.

4) Limited Scope: The SMART tool is not always useful with complex goals ie. that require a broader and more holistic approach due to its narrow focus, thus limiting the range on which in can be applied to a whole unit.

In conclusion, even though the SMART tool may be useful for goal setting and strategic planning, its key limitations should be noted and solutions focusing on the tool's flexibility with use with others should be considered to ensure that all elements of a project or strategy work together for efficient results.

[edit] Conclusion

In conclusion, the SMART tool is a great tool for project management. It gives a systematic technique for establishing clear and explicit objectives, which can assist to guarantee that the project is well-defined, feasible, and connected with the general goals and strategies of the business. The topic of whether or not SMART objectives contribute to effectiveness cannot be answered due to their varying nature and how it is implemented based on ideas worked around their limitations. Nevertheless, the SMART technique can assist project managers to monitor progress, identify difficulties or hazards, and take remedial action by creating quantifiable, time-bound targets. This leads to overall growth and development in the organization and the projects done, thus increasing the chances of project success and the overall success of the company.

[edit] Literature

1. [↑ 1.0 1.1 1.2 1.3 George T. Doran (1981). There's a S.M.A.R.T. way to write Management's goals and objectives. Management Review,]

2. [↑ 10.0 10.1 10.2 10.3 10.4 10.5 Duncan Haughey (2014), A brief History of SMART goals, https://www.projectsmart.co.uk/brief-history-of-smart-goals.php, Retrieved September 20, 2017]

3. [↑ 14.0 14.1 Susan Berry & Randy Thomas (2008), Use SMART Objectives to Focus Goals, Plans and Performance, https://www.projectsmart.co.uk/pdf/use-smart-objectives-to-focus-goals-plans-and-performance.pdf, Retrieved September 25, 2017]