ABSTRACT
This chapter provides an overview and a discussion on elements, negotiation application, and limitations of negotiation goals and targets. Goal setting theory was developed by Edwin A Locke in the 1960s. His work proved there was a positive relationship between clearly identified goals and performance. Subsequent research has shown that challenging goals can lead to higher performance. The acronym SMART, which stands for specific, measurable, achievable, realistic and time-bound, is often used when establishing goals. Goals that are agreed rather than imposed are thought more likely to yield success. Setting goals and targets can also aid in personal development as they act as a measure of quantifiable achievement. It can be a useful self-development activity to check the accuracy and the appropriateness of the goals and targets initially set once the negotiation has been completed. In addition to being SMART, there are a number of other caveats that should be considered when setting goals and targets.
