FAST Goals

Revision as of 00:06, 15 February 2021

Unfinished work of s164345 FMC

Abstract

Creating a plan is pivotal for the success of any project and the management of said project. Key to any plan is goals: Objectives, milestones or deliverables. Whatever shape the goal takes, without goals a plan is imperfect. Correct utilization of goals is therefore critical for project and project management success. Setting the wrong goals will waste valuable resources, setting the goals too low will result in lower quality outcomes and failure to communicate the goals adequately will leave those within the project without direction. Ensuring high quality of the goals within the project is therefore a skill that project managers must master in order to save time and resources. FAST goals is a framework created to help those setting and managing goals by ensuring the quality of their goals through the acronym 'FAST': Frequently talked about, Ambitious, Specific and Transparent.

Fast goals as a tool within project management is not a guarantee for success on it's own, but incorporating the four pillars of FAST into the many aspects of project management can heigthen the chance of project and project management success. Having high quality goals by itself does help solidify the purpose of a project, but in conjuction with other project management tools the real value of FAST becomes apparent. Tools such as Gannt charts and Work Breakdown Structure synergizes with FAST goals as drivers to reach the goals in a more effective and efficient manner. This article will further explain the meaning and qualities of each of the four letters in FAST, compare it to the similar methodology of SMART goals, as well as exploring the limitations of the FAST goals within project management. The aim of this article is to provide information on the strengths and limitations of the FAST goals, how and when to apply them so that project managers can extract the most value of the methodology.

Big idea

In this section the idea behind having FAST goals and why they are applicable as a tool for project management will be explored. It is here that FAST goals will be linked to key references to facilitate FAST goals as a valid tool for project managers and project management. (Include state of the art, OKR?)

FAST goals

In this section each of the four letters of the FAST acronym will be detailed as to understand why they are important and how to ensure that your goals fit with the definitions of FAST.

Frequently talked about

Ambitious

Specific

Transparent

Comparison to SMART goals

This section will contain a discussion of how the FAST goals differ from the industry standard of SMART goals. (If this is valid once the article has been further developed)

Application

This section will focus on the actual application and implementation of the FAST goals in a project

Limitations

This section will discuss the limitations of the FAST goals and in conjuction with information from the prior section outline what type of project stands to benefit the most from utilization of the FAST goals.

Annotated bibliography

A guide to the project management body of knowledge (PMBOK guide) - A comprehensive overview, which covers best practices for correct management of most projects. The PMBOK guide goes through the many steps of managing a project in order to present an outline of correct project management practices. Relevant to the FAST goals the PMBOK guide explains a plethora of project management activities such as the creation of Project Scope Management, Project Schedule management etc. These activities show the necessity of proper goal creation in order for project and project management success to be achieved, as goal creation is featured prominently in this work of best practices.

No More Muddling Through - Mastering Complex Projects in Engineering and Management - A book written with the intention of being applicable by novice practitioners of Systems Engineering by introducing step-by-step methodology and solution methods used within the field. This book introduces the Problem-Solving Cycle, which is an iterative process of problem solving. The Problem-Solving Cycle focuses extensively on the importance of goals with Search for goals being one of three major steps and Goal definition being one of six minor goals to go from problem to solution. The importance of goals in this problem solving methodology shows the value, which can be derived from creating high quality goals.

With Goals, FAST Beats SMART - The article introducing FAST goals. This is the maiden work related to the FAST goals, introducing the reasoning behind the creation of the methodology, the research which led to the FAST goals as well as the meaning behind each of the four letters of the acronym in great detail. Additionally this article presents the FAST goals as a superior to the SMART goals, seeing it as an evolution of the concept of SMART goals more fit for modern day project management. This article includes many real life examples of aspects of the FAST goals in practice in high performing companies.

References

Project Management Institute, 2017, A guide to the project management body of knowledge (PMBOK guide), Sixth edition, Project Management Institute, Inc.

Züst, R & Troxler, P, 2006, No More Muddling Through - Mastering Complex Projects in Engineering and Management, Springer.

Sull, D & Sull, C, 2018, With Goals, FAST Beats SMART, MIT Sloan Management Review, viewed 14 February 2021, https://sloanreview.mit.edu/article/with-goals-fast-beats-smart/.