Short-range plans & Long-range plans: Short range plans are plans which, generally, cover a period of one year. Short range or short term plans are concerned with the determination of short term activities to accomplish long term objectives. As short term plans are intended to achieve long term objectives, short range plans have to be consistent with long range plans. Short range plans are more action-oriented, more detailed, specific and quantitative.
Long range plans which cover a period of years or more. The length of the period varies from one concern to another depending upon the nature of the business, the risks and uncertainties, government control; etc. they care concerned with the formulation of long-term goals of enterprise and the determination of the ways and means of achieving those goals.