MANAGEMENT

Detailed explanation-1: -Short-term financial planning is about solving immediate problems and developing strategies that will lead to results, usually within one year. Short-term goals should be achievable and adaptable to emerging circumstances.

Detailed explanation-2: -The main difference between short-term and long-term finance is the timing of cash flows. Usually, short-term financial decisions are defined as those that involve cash flows within the next 12 months. The long-term is usually defined as longer than one year.

Detailed explanation-3: -A financial planning process begins with short-term, or operating, plans and budgets that in turn guide the formulation of long-term, or strategic, financial plans.

Detailed explanation-4: -Project financial planning is the process of determining project costs and developing a budget. Good financial planning has many benefits, including estimating profit, reducing financial risk, and planning for unexpected costs.