Sure. Part of our policy is to ensure solutions use state-of-the-art technology. In turn, one of our objectives is to use state-of-the-art technology in product development. To “measure” this, we look at each project and identify the technologies implemented. The management review gives us the opportunity, as a team, to discuss the solutions chosen, how well it met our needs, and if there were alternate technologies we might consider for future projects. Again, you need to keep in mind what your quality policy is and establish objectives against the policy. A distinguishing factor for my company is the ability to use the right technology for our customers and so this is part of our policy. Can we put targets on this? Not at all. Can we “measure” it? Maybe not in the traditional sense, but we can use the discussions to improve.
Again, don’t throw out your baseline data. Use it if it helps you improve your quality! My response to your original question stands: you aren’t REQUIRED to have targets. Do what makes sense for your company. If you have baseline data that says you produce 95% good widgets and can collect data to ensure you are reaching or improving on that, it’s good.
Regarding the fear of turning it into a fiasco, I would advise to not try to bite off more than you can chew. Start slowly and build up. The whole idea is ongoing improvement. Get some success under your belt and build on those successes. If you take the approach that you’re going to measure everything and hit specific targets (that you may or may not be able to reach because of or in spite of your system), you run the risk of having the team lose confidence in the system and eventually abandon it.
Finally, clearly, you’re not a dummy on this. Dummies don’t ask for help! Hang in there and ask for help when you need it. That’s what these forums are for.