Strategic planning is long-term planning. It is a process of defining a vision for the future and developing a plan to achieve that vision. Strategic planning typically involves setting goals, identifying strategies to achieve those goals, and allocating resources to support those strategies.
Medium-term planning is planning for a period of time that is longer than one year but shorter than five years. Medium-term plans typically focus on achieving specific goals within a defined time frame.
Short-term planning is planning for a period of time that is less than one year. Short-term plans typically focus on the day-to-day operations of an organization.
Annual planning is a type of short-term planning that focuses on the goals and objectives that an organization wants to achieve in the coming year. Annual plans typically include a budget, a timeline, and a list of tasks that need to be completed in order to achieve the desired goals.
In conclusion, strategic planning is long-term planning. It is a process of defining a vision for the future and developing a plan to achieve that vision. Strategic planning typically involves setting goals, identifying strategies to achieve those goals, and allocating resources to support those strategies.