A long-term plan for many businesses, such as construction, hospitality, or manufacturing, generally extends four to five years into the future. It also needs a long-term plan to make sure that the daily activities of its employees are contributing to the mission and value statements of the organization.Ī long-term plan is crucial to the ultimate success of the organization. An organization, especially a business, is not so different. You could have just enrolled in a school and taken classes that looked interesting, but then where would you be in four years? You most likely would not have taken the courses required to qualify you for the job you want. Your long-term goal was necessary to make sure that your daily activities would help you achieve your desired outcome. Or, you may have committed two or three years to become a nurse, a medical technician, or an electrician. You would spend the next four or five years preparing to become a teacher, a businessperson, or perhaps an ecologist. When you decided to attend college, you had a long-term plan in mind. Watch the short animated video for a brief overview of the importance of long-term and short-term planning. You can view the transcript for “Long term and short term planning animated” here (opens in new window).
Explain the use of “management by objectives” (MBO), SMART goals, and benchmarking in planning.Differentiate between forecasting, scenario planning, and contingency planning.Explain the role of budgets in the planning process.Explain how policies, procedures, and regulations impact operational plans.Differentiate between standing plans and single-use plans.Differentiate between the uses of long-term plans, short-term plans, and operational plans.
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