Learning objectives (often called performance objectives or competencies) are brief, clear, specific statements of what learners will be able to perform at the conclusion of instructional activities.
Dr. Jean Mandernach, Park University
There are three components of every objective:
*These action verbs are called "Behavioral Verbs for Learning Objectives"
Objectives should identify a learning outcome - The objective needs to state what the learner is to perform, not how the learner learns. An objective which states, "the student will learn Maslow's Hierarchy of Needs by studying pages 100 to 115" refers not to an outcome of instruction but to an activity of learning. Evidence of whether the learner has learned the material lies not in watching her read about it but in listening to her explain the principles in her own words.
Objectives should be consistent with course goals - For example, including a objective about the history of personal computers in a word processing course does not match the stated course goal of "to correctly use and understand Microsoft Word." Trainers sometimes try to teach what they think is important or like to instruct instead of what the learners need to know. When objectives and goals are not consistent, two avenues of approach are available: change (or eliminate) the objective, or change the course goal.
Objectives should be precise - It's sometimes difficult to strike a balance between too much and too little precision in an objective. There is a fine line between choosing objectives that reflect an important and meaningful outcome of instruction, objectives that trivialize information into isolated facts, and objectives that are extremely vague. Remember, the purpose of an objective is to give different people the same understanding of the desired instructional outcome.
Adapted from: Instructional System Design by Donald Clark
For further clarification, check out A Clear Guide to Writing Objective Statements, which is in PDF format.