ECONOMICS

Detailed explanation-1: -2] Setting Objectives This is the second and perhaps the most important step of the planning process. Here we establish the objectives for the whole organization and also individual departments. Organizational objectives provide a general direction, objectives of departments will be more planned and detailed.

Detailed explanation-2: -Key Differences Between Short Term and Long Term Goals Typically, short-term goals are defined as accomplishments that take 3 months to a few years. Long-term goals are usually completed in 3 to 5 years, or longer. This is not a set practice, simply a common guideline that makes sense when laying out your plans.

Detailed explanation-3: -Short-term planning evaluates your progress in the present and creates an action plan to improve performance daily. However, long-term planning is a comprehensive framework that comprises of goals to be met within a four-to five-year period.

Detailed explanation-4: -The main difference between short and long-term goals is that long-term goals tend to drive direction and strategy while short-term goals are tied to your current situation and tend to be easier to achieve. Of course, the most obvious difference is the amount of time and resources it takes to accomplish each.