SMART for strategies

Revision as of 16:59, 2 March 2023

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 where companies can use it for effective results in their project plans, Limitations of the tools, and examples of application in a simulated project.

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.

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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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.

Conclusion

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]