Specific and Succinct: A project goal is used to summarize and guide a project. A good goal is short and concise. It should lay out the ultimate deliverable of the project is simple, unambiguous terms. It should be action-oriented, not simply a statement of the deliverable.
Measurable: If you can't measure it, you can't manage it. In the broadest sense, the whole goal statement is a measure for the project; if the goal is accomplished, the project is a success. However, there are usually several short-term or small measurements that can be built into the goal. Caution: Watch for words that can be misinterpreted such as; improve, increase, reduce (by how much?), customer satisfaction (who decides if they're satisfied and how?), etc. If you must include them, be sure to include how they will be measured. If you use "jargon" terms, be sure that everyone who reads them interprets them the same way.
Agreed-upon: Particularly on in-house projects (those being conducted by employees who are not actually project managers), agreement on the project goal is critical. Specifically, the people who must supply the resources (people) who will work on the project must agree that the project is desirable and that the involvement of their employees is necessary for success. Not everyone in the organization needs to agree with the project but those who can significantly impact it must.
Realistic: A project needs to be both possible and appropriate. On the possible side, the skills, knowledge and abilities to actually complete the project successfully should be readily available to the project team. On the appropriate side, the project itself should be something that makes sense for the organization to undertake.
Time-framed: Probably one of the easiest parts of the goal to establish the deadline. Very little is ever accomplished without a deadline. This is particularly true of work that is in addition to everything else that you need to do in your day. Building the delivery deadline into the project goal keeps it in front of the team and lets the organization know when they can expect to see the results.
Most effective project goals are between 25 and 50 words. They can be written on one side of a 3" x 5" card. They can be quoted at the drop of a hat.