Service Level Objectives (SLOs) are specific targets set by a company to measure how well a service should perform. They help maintain system performance, ensure reliability, and minimize downtime. Effective SLOs focus on key metrics like availability, response time, latency, and error rate. Collaboration among internal departments is crucial for setting realistic and achievable SLOs that align with overall business goals. SLOs work together with Service Level Indicators (SLIs) and Service Level Agreements (SLAs) to create a framework for managing service performance and customer expectations. Continuous improvement of SLOs involves iterating, adjusting, error budgeting, and automation where possible.