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What Is Cost Advantage Strategy?

What Is Cost Advantage Strategy

The SMART criteria are a framework often used for setting goals. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.

Here’s a breakdown of each component…

  1. Specific – Goals should be clear and specific, answering the questions of who, what, where, when, and why. They should not be vague or ambiguous.
  2. Measurable – Goals should be quantifiable so that progress can be tracked and evaluated. Establish concrete criteria for measuring progress toward the attainment of each goal.
  3. Achievable – Goals should be realistic and attainable given the resources, time, and capabilities available. While they may stretch your abilities, they should still be possible to achieve.
  4. Relevant – Goals should align with broader objectives and be relevant to the mission or purpose of the individual or organization setting them. They should contribute to overall success.
  5. Time-bound – Goals should have a deadline or timeframe within which they are to be achieved. This creates a sense of urgency and helps prevent procrastination.

The “5 SMART goals” essentially refer to setting goals that fulfill these criteria: specific, measurable, achievable, relevant, and time-bound.