Final answer:
High quality objectives should align with a firm's mission and be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound, with criteria established for measuring progress towards these objectives.
Step-by-step explanation:
High quality objectives are indeed connected to a firm's mission and are integral for guiding a company towards success. However, it is essential for these objectives to be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Objectives that are specific and measurable provide a clear target and a means to observe progress. Achievable objectives ensure that goals are realistic and within reach, accounting for potential barriers. Lastly, relevant objectives align with the overall mission and contribute towards the firm's strategic plan.
Companies must establish criteria for measuring progress towards an objective, asking "How will I know when it is accomplished?" to determine the success of goal achievement. Furthermore, it is crucial to list each step needed to meet a goal, providing clarity and maintaining motivation. While similar goals and frameworks, such as maintaining citizens' quality of life, are adopted by many economies, tailored macroeconomic policies are required to account for diverse experiences and circumstances of each country.