The importance of short-term planning and long-term planning

What is the benefit of short-term planning?

• Bite-sized goal so it’s easy to complete

• Rooted in long-term objectives

• Not flexible

• Consistent over organizational growth

Time frame of long-term planning?

• 1 year

• 1 month

• 1 quarter

• 3-5 years

Short-term planning is more flexible than long-term planning

• True

• False

S in SMART framework refers to

• Sustainable

• Smart

• Specific

• Secret

A in SMART framework refers to

• Adventurous

• Achievable

• Art

• Alternative

Which of the following is considered as a long-term plan?

• Increasing profits by 10% in the next six months

• Introducing new products next quarter

• Becoming the leading company in the next 5 years

• Reducing costs by 5% in next year

Which of the following is considered as a short-term plan?

• Become a millionaire

• Save for retirement

• See the 7 wonders of the world

• Pass the final exam of ESP232

What is the benefit of long-term planning?

• Committed to the vision

• Setting concrete goals

• Strategies for big-picture goals

• All of the above

What is the disadvantage of long-term planning?

• Easy to achieve

• Overwhelming

• Not conceptual

• Flexible

Write one of your short-term plan in the next 3 months