Introduction to Strategic Management. Is not available. Strategic Planning Tool. SMART criteria. Mnemonic, giving criteria to guide in the setting of objectives SMART is a mnemonic acronym, giving criteria to guide in the setting of objectives, for example in project management, employee-performance management and personal development. The letters S and M generally mean specific and measurable. Possibly the most common version has the remaining letters referring to achievable (or attainable), relevant, and time-bound. However, the term's inventor had a slightly different version and the letters have meant different things to different authors, as described below. Additional letters have been added by some authors.
The first-known use of the term occurs in the November 1981 issue of Management Review by George T. Often the term S.M.A.R.T. History[edit] The November 1981 issue of Management Review contained a paper by George T. Ideally speaking, each corporate, department, and section objective should be: Specific – target a specific area for improvement. Current definitions[edit] Strategic planning. Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the future direction of the organization, it is necessary to understand its current position and the possible avenues through which it can pursue particular courses of action.
Generally, strategic planning deals with at least one of three key questions:[1] "What do we do? ""For whom do we do it? ""How do we excel? " George Friedman in The Next 100 Years summarises "the fundamental principle of strategic planning: hope for the best, plan for the worst".[2] Key components[edit] Organizations sometimes summarize goals and objectives into a mission statement or a vision statement.
Tools and approaches[edit] Tools include: Situational analysis[edit] There are several factors to assess in the external situation analysis: It is rare to find all seven of these factors having critical importance. See also[edit] The Balanced Scorecard: Translating Strategy into Action - Robert Kaplan, David P. Norton. Strategic Management I | Sloan School of Management.