It is a popular goal management framework that helps companies implement and execute strategy.
OKR is being used by Google and many leading companies. It is a simple tool to create alignment and engagement around measurable goals. It is a collaborative goal-setting methodology.
Objectives is about what you want to achieve and results is about how do you know that you are reaching your goal. Focus of objectives is what and the focus of key results is how. Alongwith OKRs, we also have initiatives that help you to achieve your goals.
So, this objectives – key results – initiatives is the framework of OKR. This framework will help you to translate your strategy to results. Its easy to formulate a strategy but difficult to achieve. That’s where OKRs are really helpful, especially for startups.
I have explained OKR using a simple example.