Setting objectives

Project objectives are statements of what an asset project is to accomplish. They are developed and agreed to guide the activities of people and organisations so that they are working on the project in the same direction(s). They may be formulated and agreed for a project from a process of stakeholder involvement) or developed by a single organisation.

To decide whether an asset transfer or development project is feasible it is important to know what the project is to achieve and why at the outset – that is, agree the project objectives. Setting the objectives for the project may have to consider what it will achieve for the organisation that is to take ownership of it as well as objectives for the project itself.

Project objectives can vary as the feasibility process proceeds since they may have to be initially quite vague but they can get more detailed based on the information and advice that is gathered over time through the feasibility process. But being clear at the outset exactly what is to be accomplished will enable the consideration of all the options and opportunities which may be uncovered in the feasibility process and allow all the stakeholders involved to be accountable for any changes.

It is possible to get very tied up in this process but to help there is information here on the kinds of objectives that can be set so that those which are most relevant to the project can be set by stakeholders. This information includes the SMART acronym which should be used to formulate objectives so that they can be used effectively to monitor progress. Clear project objectives will guide and inform the feasibility and business planning process and help to generate ideas on the way that the project will be measured and monitored an important element in persuading land and building owners to transfer ownership at a discounted price.