In project management a project consists of a temporary endeavor undertaken to create a unique product, service or result. Another definition is a management environment that is created for the purpose of delivering one or more business products according to a specified business case.
Project objectives define target status at the end of the project, reaching of which is considered necessary for the achievement of planned benefits. They can be formulated as SMART criteria: Specific, Measurable (or at least evaluable) achievement, Achievable (recently Agreed-to or Acceptable are used regularly as well), Realistic (given the current state of organizational resources) and Time terminated (bounded). The evaluation (measurement) occurs at the project closure. However a continuous guard on the project progress should be kept by monitoring and evaluating. It is also worth noting that SMART is best applied for incremental type innovation projects. For radical type projects it does not apply as well. Goals for such projects tend to be broad, qualitative, stretch/unrealistic and success will be driven.