Long range planning is concerned with making today’s decisions with a better sense of the future. Comment.

Long range planning is basically aimed at the achievement of long term or absolute objectives of an organization over a long period of time, but since a plan has to be put in action for achieving the long range objectives the planning has to be done today or at the present for future. An organization has many goals which are to be achieved, these goals may be as under:

  • Achieving acceptance for its products or services for a longtime with in a period of time.
  • Achieving a particular, percentage of market share.
  • Achieving the breakeven point.
  • Achieving the profitable position subsequent to achievement of basic goal.

Long range planning takes these aims into consideration with the knowledge of present situation and likely situation for future and devise a plan to meet the future needs. Today’s decisions of management have bearing on futures, so the management has do long range planning keeping in view the objectives to be achieved on long terms and find and ensure tools and other ways and means required for achieving the plans.

Forecasting, conceptualization of vision is always done in the present or today and forecast is the likely picture emerging in future and long range planning is dependent on today’s decision. If decisions arc today it is hoped that the future events will unfold themselves in a given perceived manner and hence today’s decision are the foundation for long term planning.

Tags: B.Com

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