6 Types of Goal Setting

John Spacey, updated on March 20, 2021

Goal setting is a management technique that involves developing an action plan with targets for a team or individual. It is considered both a tool of strategy implementation and performance management. As such, it is a critical management function that often follows a methodology, framework or standard across an organization.

The following are a few common types of goal setting.

1. Mission Statements

A short inspiring statement that captures your goals, principles and values.

2. Vision Statement

A vision statement paints a picture of your future. At the organizational level, it's an all encompassing goal for the future of the organization. As with mission statements, vision statements are usually short and catchy.

3. Big Hairy Audacious Goal

A big hairy audacious goal is an overly ambitious goal that you're not likely to achieve but represents a statement about your drive, determination and vision. They are commonly used to motivate employees and inspire customers.

4. SMART

SMART is the criteria that goals be specific, measurable, achievable, relevant and time-bound. It is commonly used in goal setting and project management. In many cases, the SMART criteria are used in conjunction with a goal setting methodology.

5. Management By Objectives

Management by objectives is a management technique that implements strategies and manages performance with a process of participative goal setting.

6. Balanced Scorecard

A goal setting, strategy implementation and performance management methodology that sets measurable goals that map to strategy known as scorecards. Each scorecards includes data items in four areas: financial, customer, internal and learning.

6 Types of Goal Setting

1. Mission Statements

2. Vision Statement

3. Big Hairy Audacious Goal

4. SMART

5. Management By Objectives

6. Balanced Scorecard

Goals

Goal Planning

Mission Statements

Objectives

Smart

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