The project goal statement should be the driving force behind the project. It should be the touchstone against which everything done on the project is measured. A good project goal statement is SMART:
Specific and Succinct
Measurable
Agreed-upon
Realistic
Time-framed
Specific and Succinct: Any goal should describe precisely what the project is to achieve. It should also be short and easy to state. The best goals use verbs and nouns to convey that action is to be taken to develop the deliverables described. For example: "research, design, develop, and build X," or, "procure, install, integrate, and deploy X."
Measurable: If you can't measure it, you can't manage it. In the broadest sense, the whole goal statement is a measure for the project; if the goal is accomplished, the project is a success. However, there are usually several short-term or small measurements that can be built into the goal. Caution: Watch for words that can be misinterpreted such as; improve, increase, reduce (by how much?), customer satisfaction (who decides if they're satisfied and how?), etc. If you must include them, be sure to include how they will be measured. If you use "jargon" terms, be sure that everyone who reads them interprets them the same way.
Agreed-upon: While other versions of the SMART goal criteria use other words for the "A" I believe the issue of agreement about the goal (and the project it represents) is important enough to be called out. When we talk about agreement, we're not saying that everyone in the organization needs to agree about the project. We are saying, however, that those that are most directly affected by it need to agree. In particular, the people who will supply the resources to get the project done must agree that the project needs to be done.
Realistic: This is not a synonym for "easy." Realistic, in this case, means "do-able." It means that the learning curve is not a vertical slope; that the skills needed to do the work are available; that the project fits with the overall strategy and goals of the organization. A realistic project may push the skills and knowledge of the people working on it but it shouldn't break them.
Time-framed: Any project can be estimated accurately - once it's completed. But, regardless of that, there will be a deadline for delivery. Making the deadline part of the project goal statement guarantees that the team knows the target date and that others in the organization know when the project output should be delivered.
As mentioned above, good project goals are short - usually less than 50 words. You should be able to tell someone your project goal in an elevator ride going less than three floors.
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