Excellence - 1.1 Objectives

Instructions:

This chapter is used to describe  the specific overall objectives of the project. The question that needs to be answered is: What does the project aim to achieve? This is given through clearly defined targets – Objectives – that should follow the first two letters of the SMART rule:

• Specific: The objective should be clear and understandable by all partners and the evaluators of the proposal. Each individual object needs to target a specific area for improvement, be it technical, business related or a communications target.
• Measurable: Each objective has to have a success criteria that can be measured. Objectives should be quantifiable, when ever possible. Examples vary, but can be e.g.
  • If developing: What is the concrete outcome?
    • A new product: Can it be launched at the end of the project cycle? What do you measure when testing the product? At what measurable point are you happy with the testing results?
    • A new version: Can the improvement over older version or existing method be measured and quantified in other means?
  • If piloting: How many pilot runs will be done?
  • If business: What are your plans for the future?
    • Market research: How many client interviews will you make? Will you create a business plan?
    • Commercialisation: A new spinoff to commercialise the product? Will you develop e.g. a Go-to-market plan? To which/how many markets?
  • If communicating: How many press releases? How many clients reached? How many visitors to the project website?

All these objectives should be in harmony with the exploitation actions and described impact of the project as defined in Chapter 2. 

It is recommended to give an introductory chapter to the key challenge, preferably to a link to an existing, market identified challenge. Then give the main goal - a vision - of how this specific challenge is answered. To follow, tabulate the specific objectives for the project in a clear format that describes the building blocks needed to reach the main goal.

Note: In Chapter 3 – Implementation the ART of the SMART rules need to be addressed:

• Assignable: The responsible partners for reaching the objective need to be defined. Which partners will be contributing towards the success?
• Realistic: Describe the tasks that need to be done, so that they sound realistically obtainable with the resources described (budget, person months, team)
• Time-related: All objectives must be achievable within the project duration.

Example:

The WIDGET project aims at the market launch of a new product that will create COMPANY 1 and COMPANY 2 a new revenue stream validated by COMPANY 3. The product will outperform the current competition by 10%. The partners involved will see 2-5% revenue increase, and the creation of 50 new jobs. The total revenue increase for the project partners is estimated at € 652 million five years after project has ended.