Project Objectives refer to an end that can be reasonably achieved by a project under predefined constraints (time, quality and cost) and with available resources. They determine business benefits that the project is expected to provide to stakeholders as a result of consuming resources and exerting effort.
Objectives of a project establish planning and strategic activities. They serve as the basis for policy and performance appraisals. A typical project objective describes a specific tangible product or deliverable that the project is supposed to produce. Through estimating and evaluating project objectives it is possible to determine whether a project is adequately planned.
Project objectives and goals are not the same. As a rule, an objective is broader in scope than a goal. It may include several goals which in turn are divided into tasks and activities. A combination of objectives, goals, tasks and activities defines the statement of work (SOW).
SMART technique is often used to identify and establish project objectives. Specific, Measurable, Action-oriented, Realistic and Time-bound objectives are the guarantee that the project will remain focused on business benefits throughout the implementation lifecycle.