Final answer:
Objectives are specific, measurable targets that follow the SMART criteria: Specific, Measurable, Achievable, Relevant, and Time-bound. Aligning with these criteria, objectives provide a clear roadmap to achieving business goals with a focus on targeted and timely action steps.
Step-by-step explanation:
Objectives are specific, measurable targets that a business sets to evaluate its progress towards achieving its broader goals. The concept of SMART goals is integral to successfully identifying and implementing objectives. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.
A Specific objective is well-defined and clear to anyone that has a basic knowledge of the project. By being Measurable, the objective allows for tracking progress and measuring the outcome to ensure that targets are being met. With a focus on being Achievable, setting realistic targets which can be accomplished with the available resources is emphasized. Being Relevant means that the objective aligns with other goals and is pertinent to the overall vision of the business. Lastly, objectives should be Time-bound, meaning they have a deadline or a timeframe within which they need to be achieved.
By following the SMART criteria, businesses can define their objectives and take concrete Action Plans to reach them. This involves detailing every step required to attain an objective and setting a target date to aid in monitoring progress efficiently.