Question

Explain the difference between long range planning and strategic planning. Discuss in detail what the pros and cons are of each.

Answer 1

Long range planning is considered to assume present  knowledge in or about future conditions

While strategic planning help in making important decision that will ensure the ability to successfully respond to change in environment.

Strategic planning is conducted by organization head while long term planning is basically setting the process by which strategic plan will be achieved.

Pros of long term planning means advantages

Enables you to compensate for lack of resources

Overcome the limitations

Better outcomes

Cons of long term planning - means disadvantage

First of all strategies are harder to deliver and to break down into small projects

There can be misdirected planning because of individual needs

Time consuming

Long term planning is expensive

Pros of strategic planning

Increase efficiency

Increase profit

Clarify direction, identify common vision and then achieve the goals

Cons of strategic planning

Can lead to failure if not implemented properly

Less time, can be expensive in some cases

Require lot of knowledge and training, so can be expensive

Interdependence of units