Final answer:
SMART goals are crucial for setting and achieving objectives, emphasizing the importance of the goals being Specific, Measurable, Attainable, Realistic, and Timely. The Management By Objectives (MBO) strategy incorporates setting and breaking down goals to align individual achievements with organizational success. An example of a SMART goal could involve career progression and a clear salary increase within a set time frame.
Step-by-step explanation:
Setting precise goals is critical for achievement, and one effective approach is by employing SMART goals. SMART is an acronym that stands for Specific, Measurable, Attainable, Realistic, and Timely. Each goal should have these five characteristics to ensure it can be effectively managed and achieved.
The Process of Management By Objectives (MBO)
Management By Objectives (MBO) is a strategic management model that aims to improve the performance of an organization by clearly defining objectives that are agreed upon by both management and employees. The process ensures that everyone is moving in the same direction with clear priorities. It is about setting goals and then breaking down these goals into more specific actions or tasks.
Creating a SMART Goal
To create a SMART goal, start by being Specific about what you want to achieve. This means detailing what the expected outcome is and not being too broad or general. Then, ensure it is Measurable by establishing criteria for tracking progress and knowing when the goal has been accomplished. The goal also needs to be Attainable, realistic enough so that you can actually achieve it. Moreover, it should be Realistic, aligning it with your other goals and ensuring it's something within reach considering your current resources and constraints. Finally, the goal should be Timely, having a clear deadline or timeframe for completion. This provides motivation and a sense of urgency.
For example, let's look at Jane Career's goal: To become an office manager within the next 2-3 years with a salary increase between $10,000 - $15,000 per year, possibly within the same organization. This goal is SMART because it is specific to her career progression, measurable in terms of the salary increase, attainable and realistic within her field, and timely over the next two to three years.
Once you have a SMART goal in place, the next step is to develop an action plan. This is where the finer details are worked out, including the resources needed, steps to be taken, and any other considerations that will help turn your goal into reality.