Long Range Planning Flashcards, test questions and answers

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What is Long Range Planning?

Long-range planning is the process of creating a roadmap for a company’s future. It involves developing strategies and goals to help the company achieve its mission and objectives over time. Long-range planning is an important part of every organization’s success; without it, companies are less likely to reach their desired outcomes in the future.When creating a long-range plan, companies must consider their current situation, financial resources, customer needs and wants, technology trends, competition, legal requirements and any other factors that could affect their business decisions. They must also anticipate changes in these areas so they can adjust accordingly. Once all this information has been gathered and analyzed, businesses can develop strategies to meet their goals over time. One key component of long-range planning is setting measurable goals with specific timelines for completion. These goals should be realistic yet challenging enough to motivate employees to work hard towards achieving them. Companies should also identify potential risks that could prevent them from meeting these objectives and develop contingency plans if needed. Additionally, management should regularly review progress against the plan’s timeline to ensure they are on track towards success or modify goals as necessary if external factors change or new opportunities arise. Ultimately, effective long-range planning helps organizations stay focused on what matters most while proactively preparing for any challenges that may come along the way in order for them to succeed in the future.