Definition
There are 4 major types of planning: 1) short-range or operational planning, 2) long range planning, 3) contingency planning and, finally, 4) strategic planning. Short term planning refers to the decisions and planning generally made by junior management on departmental or unit level. Decisions made within a short-range planning scope are related to day-to-day operations of the business. Short-range planning generally builds on other levels of decision-making process, such as strategic planning, bringing into the picture tactical organizational objectives. With that in mind, short-range planning process is concise and follows standard setting process: - Set the objective ...