ECONOMICS

Detailed explanation-1: -Strategic planning typically represents mid-to long-term goals with a life span of three to five years, though it can go longer. This is different than business planning, which typically focuses on short-term, tactical goals, such as how a budget is divided up.

Detailed explanation-2: -7.2. Strategic decisions are those decisions that have an influence over years, decades, and even beyond the lifetime of the project. Once a strategic decision is made, it is very unlikely to be altered in the short term.

Detailed explanation-3: -The planning period for strategic plans typically used to be three to five years, but it’s now common for companies to use a shorter timeframe of two to three years due to the increasing speed of change in technology and markets.

Detailed explanation-4: -Performance goals of an organization, intended to be achieved over a period of five years or more.

Detailed explanation-5: -The timeframe for strategic plans is often 3-5 years. Strategic planning for timeframe over 5 years can be problematical because it is difficult to see that far into the future.