Planning Defined

          Planning is preparing for the future of the firm by establishing objectives and the methods for achieving them. This is done by setting up clear, flexible, consistent, and objective plans for the entire organization. It is important that established plans be known throughout the organization so that all employees can help to achieve the company's goals.
          A company's plans can be long range or short range. Most plans that require several years to achieve are considered long range, but many companies distinguish between long-range and short-range planning by a two-year date for completion.