BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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every monthly
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for one year
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from three to five, ten or more years
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less than one year
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Detailed explanation-1: -Short-term may be said to involve processes that show results within a year; medium-term plans aim for results that take several years to achieve and long-term plans include overall goals set four or five years in the future and may be dependent on reaching the medium-term targets.
Detailed explanation-2: -According to the time period, the span of medium term plan is 2 to 5 years. Since there are uncertainties associated with long term plans, medium term plans are the primary concern of most organisations.
Detailed explanation-3: -Long-range planning (LRP) builds on budgeting, planning, and forecasting processes by focusing on longer-term financial goals and key initiatives that are 5-10 [JO1] years or more in the future.
Detailed explanation-4: -Medium-term planning involves 1-3 years.