Long-Range and Short-Range Planning and Their Examples

Planning
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Planning
The significant difference between short-range and long-range planning lies in the duration taken to execute the plan. A short-range plan is one whose duration of execution is relatively shorter. In most cases, the duration does not exceed one year. It is important to note that although these plans are aimed to achieve some short-term goals, in most cases, the plan should be a part of the larger strategic plan of the business. On the other hand, long-range plans refer to plans that a company or organization aims to achieve over an extended duration. These are aimed at achieving some goals that the company wants to achieve sometime in the future. The...