Management by objective, or MBO, is a concept postulated by Peter Drucker in his 1954 book, "The Practice of Management." The principle provides a means of focusing all who are involved with a work plan or project. When those involved contribute to the creation of objectives, they are more likely to feel ownership with the work plan. Using the mnemonic specific, measurable, attainable, realistic, time based, or SMART method, gives an effective process to establish objectives.