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Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship" [1]) is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. [2]
The term "budget" is used for a financial plan for the upcoming year. A "forecast" is typically a combination of actual performance year-to-date plus expected performance for the remainder of the year, so is generally compared against plan or budget and prior performance.
When drafting a financial plan, the company should establish the planning horizon, [10] which is the time period of the plan, whether it be on a short-term (usually 12 months) or long-term (two to five years) basis. Also, the individual projects and investment proposals of each operational unit within the company should be totaled and treated ...
Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
The term comprehensive plan is most often used by urban planners in the United States. Each city and county adopts and updates their plan to guide the growth and land development of their community, for both the current period and the long term. [4]
Short-term goals. Long-term goals. Vacation. Retirement. Down payment for a car or house. Opening a business. Deposit for a new apartment. Paying for a child’s education
The need for long-term economic planning to promote efficiency was a central component of Labour Party thinking until the 1970s. The Conservative Party largely agreed, producing the postwar consensus, namely the broad bipartisan agreement on major policies. [30] A long-term economic plan was a phrase often used in British politics.
Strategic financial management is the study of finance with a long term view considering the strategic goals of the enterprise. Financial management is sometimes referred to as "Strategic Financial Management" to give it an increased frame of reference.
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