Definition: is a business plan that is developed for a period of five years or longer. A company’s long-range plan is devised by the organization’s owners, members of the board, and senior executives, and should include provisions that cover all its activities. A typical long-range plan deals with such aspects as market approach, company orientation, sales goals, operational goals, etc. Alternatively, it can be called a long-term plan.
In a Sentence:
Once you’ve completed your long-range plan, next, you have to determine your strategic and tactical objectives. Without them, it’s impossible to execute your plan properly.
I’ve heard that the management of U-Rule has created a long-range plan that covers a ten year period. I think they’re aiming too far ahead, as it’s unlikely that their plan can be relevant for such a long time.
Synonyms and related words: long-term planning, short-range plan, short-term planning, strategic plan