Individual Management Decision Making Concepts

People with specific goals stand out from the crowd.

Individual management decision making concepts refer to how people make decisions in managing their affairs. SMART goal setting is a key concept people can use as a road map to such decisions.

Identification

SMART is a acronym that stands for specific, measurable, attainable, realistic and time-bound. It's a goal-setting philosophy that can help people set focused and actionable goals. It works for business, family and any other goal-setting area.

Function

The most important aspect of SMART goals is the fact that they are actionable. Many people set personal and business goals, but never take any action. Action happens when people believe in the goal because it is realistic, and they set a time frame for its completion, making it time-bound. Realistic, time-bound goals can be structured into daily activities and milestones that are actionable.

Significance

Entrepreneurs develop a business plan as their road map for managing their businesses. When people set SMART goals, they establish a roadmap for managing their individual affairs toward whatever objectives they are looking to accomplish.

References

• Goal Setting Guide: SMART Goal Setting: A Surefire Way To Achieve Your Goals