Goal setting frameworks – SMART, MBOs, BHAGs

There are several popular goal-setting frameworks that organizations use to help them achieve their goals. Some of the most common frameworks include: (Jump to comparison table below)

1. SMART goals: SMART goals are specific, measurable, achievable, relevant, and time-bound. This framework helps ensure that goals are well-defined and can be easily tracked and measured.
2. OKRs: OKRs (Objectives and Key Results) are a goal-setting framework that involves setting ambitious objectives, along with specific and measurable key results that help track progress towards achieving those objectives.
3. BHAGs: BHAGs (Big Hairy Audacious Goals) are long-term, ambitious goals that are intended to inspire and motivate an organization. BHAGs are typically focused on big-picture, transformative goals, and are designed to push an organization to think big and strive for greatness.
4. MBOs: MBOs (Management by Objectives) is a goal-setting framework that involves setting specific, measurable goals for individuals or teams, and then regularly reviewing progress and providing feedback. This framework is focused on aligning individual goals with the overall goals of the organization.

These frameworks are all similar in that they involve setting specific, measurable goals and tracking progress towards achieving those goals. However, they differ in the specific approach they take, the types of goals they focus on, and the level of detail and structure they provide.

SMART goals vs OKRs

SMART goals and OKRs (Objectives and Key Results) are both goal-setting frameworks that are designed to help organizations achieve their goals. However, they differ in a few key ways:

1. Structure: SMART goals are structured around five key criteria: specific, measurable, achievable, relevant, and time-bound. OKRs, on the other hand, consist of a specific objective, along with several key results that help track progress towards achieving that objective.
2. Level of ambition: SMART goals are typically designed to be achievable and realistic, whereas OKRs are meant to be ambitious and challenging. OKRs are intended to push an organization to stretch and grow and to achieve more than it might otherwise be able to.
3. Timeframe: SMART goals are typically focused on short-term goals, whereas OKRs are often used for longer-term planning and goal-setting. OKRs are typically reviewed and adjusted on a quarterly basis, whereas SMART goals may be reviewed and adjusted more frequently.

Both SMART goals and OKRs can be effective in helping organizations achieve their goals. The right approach will depend on the specific needs and goals of the organization.

BHAGs vs OKRs

BHAGs (Big Hairy Audacious Goals) and OKRs (Objectives and Key Results) are both goal-setting frameworks that are designed to help organizations achieve their goals. However, they differ in a few key ways:

1. Level of ambition: BHAGs are intended to be very ambitious and challenging goals that push an organization to think big and strive for greatness. OKRs, on the other hand, are meant to be ambitious but also achievable, with specific key results that help track progress towards the objective.
2. Timeframe: BHAGs are typically long-term goals, whereas OKRs are often used for shorter-term planning and goal-setting. BHAGs may be set for a time period of several years, whereas OKRs are typically reviewed and adjusted on a quarterly basis.
3. Focus: BHAGs are typically focused on big-picture, transformative goals that can have a significant impact on an organization. OKRs, on the other hand, are often used to set specific, measurable goals for individuals or teams.

Both BHAGs and OKRs can be effective in helping organizations achieve their goals. The right approach will depend on the specific goals and needs of the organization.

MBOs vs OKRs

MBOs (Management by Objectives) and OKRs (Objectives and Key Results) are both goal-setting frameworks that are designed to help organizations achieve their goals. However, they differ in a few key ways:

1. Level of detail: MBOs are typically more detailed and structured than OKRs. MBOs involve setting specific, measurable goals for individuals or teams, and then regularly reviewing progress and providing feedback. OKRs, on the other hand, consist of a specific objective and several key results, but provide less detail and structure on how to achieve those goals.
2. Timeframe: MBOs are typically focused on short-term goals, whereas OKRs are often used for longer-term planning and goal-setting. MBOs may be reviewed and adjusted on a monthly or quarterly basis, whereas OKRs are typically reviewed and adjusted on a quarterly basis.
3. Focus: MBOs are typically focused on aligning individual goals with the overall goals of the organization, whereas OKRs are often used to set ambitious and inspiring goals for the entire organization.

Both MBOs and OKRs can be effective in helping organizations achieve their goals. The right approach will depend on the specific goals, culture and needs of the organization.

Compare goal setting frameworks

Framework	Full Form	Key Components	Best For	Pros	Cons
SMART	Specific, Measurable, Achievable, Relevant, Time-bound	5 elements aimed at detailed, quantifiable objectives	Short-term projects, individual or team tasks	Easy to implement, Clear objectives	May lack inspiration, too rigid
MBO	Management By Objectives	Collaborative goal-setting between management and employees	Mid to large-sized organizations	Employee engagement, Alignment with org goals	Time-consuming, can be bureaucratic
BHAG	Big Hairy Audacious Goal	Long-term, aspirational vision that’s emotionally compelling	Long-term strategic planning, visionary organizations	Motivating, inspiring	Can be unrealistic, lacks specificity
OKR	Objectives and Key Results	Objectives outline what is to be achieved, and Key Results outline how	Tech companies, agile organizations	Flexibility, Alignment	Complexity, can be hard to measure
KPI	Key Performance Indicator	Metrics that evaluate success in achieving objectives	All kinds of organizations for performance monitoring	Easy to measure, actionable insights	Can be misleading if not well-defined

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