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IAI Actuarial Core Principles · Business Management · Mission, business strategy, teamwork and time management

The board of Bharat Mutual Assurance wants to convert its aspiration to be 'a leading pensions provider' into an objective that can be monitored. Which restatement best meets the SMART criteria?

The best restatement is growing pension assets under management from Rs 400 crore to Rs 600 crore in three years under the head of pensions. It is specific, measurable, time-bound and owned, whereas the other options are vague aspirations or values with no measure or deadline.

  1. ABe recognised as a great pensions company
  2. BGrow pension assets under management from Rs 400 crore to Rs 600 crore within three years, owned by the head of pensionsCorrect
  3. CTry to increase pension business whenever markets are favourable
  4. DAlways put customers first in pensions
  5. Become the most admired brand in the industry

Explanation

Only the second option is specific (pension AUM), measurable (Rs 400 to 600 crore), time-bound (three years) and assigned to an owner. The others are vague, unmeasured or aspirational values without a deadline.

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