Business Objectives (BOs) should be traceable from top level to bottom level. BOs are normally linked to the entire organization. So from there it should be broken down to the project level for run time monitoring rather than a final check at the end of the year/after a defined frequency.
BO can be in terms of profitability, time to market etc. Then based on the BO, a second layer of objectives are defined (Process Performance Objectives- PPOs, in CMMI terms). For example, to improve profitability, productivity can be the critical parameter. So profitability will become the parameter for BO and Productivity as the parameter for PPO. There can be multiple parameters as PPOs also. Based on these PPOs, sub processes which are critical are defined and measured. Targets are set for the sub process measures also. Statistical process Control should be applied at the project level as well as at the organizational level to ensure the probability of meeting the targets.