A learning objective is a clear, concise, objective description of what your learners will be able to do at the end of a given instructional unit. Of all the activities involved in the instructional design process, developing objectives is one of the most critical.

Learning objectives tell learners what they will know, understand or be able to do at the end of a block of instruction (section, topic, lesson, workshop).

• Objectives should be clear, honest, complete, and correct. 
• Well-written objectives should serve as the basis for test items. 
• Well-written objectives tell learners how their performance will be assessed.

• Determine the goal of the learning activity (the terminal objective). 
• Determine what learners must demonstrate to achieve that goal (the enabling objectives).
• Write objectives based on the above skills, task, or knowledge. 

• Begin with a statement such as "Upon the completion of this course/lesson/presentation/CBT, you will be able to . . ." Phrase the objective in terms of what the user will be able to do, not what you are presenting. Choose an appropriate verb depending on the level of learning and instructional strategy
  
• Write objectives that include the following criteria:
  
  • Performance Statement: List the skill or knowledge the user needs to achieve. Ask yourself, "What will the user be able to know or do?"
    
  • Criteria Statement: Continue by stating how well the user should be able to perform. (Not always required.)
    
  • Condition Statement: Describe the conditions that need to exist for the learner to perform the task. (Not always required.)

excerpted from IEEE guide for ISD

More on Learning Objectives from Don Clark

A quick guide to writing learning objectives