Practice: Planning

Week 5 Practice: Planning

MGT/230

Review the difference between a long-range and short-range plan. 

Provide an example in a total of 2 to 4 sentences of when each type of plan would be used.

Long Range Plan:

Long range planning usually involves developing goals that you are expecting to achieve in five years or longer. The purpose of long term planning is to really think about and develop a plan that is going to meet the future needs. Long term planning goes hand in hand with short term planning, as you want to develop short term goals to help you reach the long term goal. An example would be reviewing the objectives of each department to ensure they support the company’s overall goals.

Short Range Plan:

The purpose of short range planning is to look at where the company sits now and create strategies that can help to improve them. Short term plans can typically be achieved between a year and three years. An example of a short team goal would be to provide additional courses to employees that need more training. Another short term goal could be to fix or replace equipment that may not be up to the standards of the company.