Question 8
What is the difference between "Short term" and "Long term" planning? (4)
Short term planning refers to specific goals and strategies that are implemented over a short period of time, usually within the next few months to a year. It focuses on immediate actions and outcomes to address current challenges or opportunities.
On the other hand, long term planning involves setting goals and developing strategies that span over a longer period of time, typically several years or more. It takes into account future trends, potential changes, and the overall direction of the organization.
Overall, the main difference between short term and long term planning lies in the time frame and scope of their objectives. Short term planning is more immediate and focused on addressing short-term needs, while long term planning looks at the bigger picture and aims to achieve larger, long-lasting goals.