What are common pitfalls and mistakes in understanding OKRs?

To get the best out of OKRs, one needs to understand what this system really is. OKRs are not a performance evaluation tool, nor are they a task list to fill and forget. Rather, OKRs are a framework to align the goals of different teams and departments and measure the growth of the company as a whole, and how each employee contributes towards achieving the larger mission. They improve overall business performance by setting a rhythm for review, feedback and conversations. The best part is the flexibility of OKRs - they are never set in stone, and they can and should be revised for changing business climates. 

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