Objectives answer the question – where do you want to go? what do we want to achieve?
Ambitious, qualitative, exciting, directional and actionable by the team or individual.
Objectives can be Committed or Aspirational and start with action verbs.
Objectives can be set for a year and then for every quarter.
There are no more than 3 to 5 Objectives for a year or a quarter.
Objectives could revolve around core factors like Customer, Performance, Revenue, Engagement or Growth.

Key results answer the question – how will we measure our success? how do we know we are getting there?
Key Results are quantitative, measurable and difficult but not impossible.
Key results can be attached to both Committed as well as Aspirational Objectives.
They are KPIs with targets and contain measures that are time-bound.
There are no more than 3 to 5 KRs for each objective.
KRs can be monetary, people based, progress based, percentage based, grade based, or stage/phase based.

Initiatives answer the question – what do we do to get there?
Initiatives are activities that you undertake that is necessary to achieve a Key Result.
They are within your circle of influence.
You need at least 1 initiative for each Key Result.