Objective
Asset Management – an anatomy, Version 4, published by The Institute of Asset Management in July 2024, defines an objective as a: ‘Result to be achieved. Notes: (1) An objective can be strategic, tactical or operational. (2) Objectives can relate to different disciplines (such as financial, health and safety, and environment). They can be, for example, organization-wide or specific to a project, product or process). (3) An objective can be expressed in other ways, eg as an intended result, as a purpose, as an operational criterion, as an asset management objective or by the use of other words with similar meaning (e.g. aim, goal, or target). (4) In the context of an asset management system, asset management objectives are set by the organization, consistent with the asset management policy, to achieve specific results.’
It defines an organizational objective as an: 'overarching objective that sets the context and direction for an organization’s activities. Note: (1) Organizational objectives are established through the strategic level planning activities of the organization.'
Guide for Effective Benefits Management in Major Projects, published by the Infrastructure and Projects Authority in October 2017, defines an objective as: ‘An answer to the important question of ‘why?’ which defines purpose, aim, and direction. Objectives should be Specific, Measurable, Achievable, Realistic and Timely (SMART).’
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