Certification in Supplier Diversity Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Certification in Supplier Diversity Test with our engaging quizzes. Access multiple-choice questions with hints and explanations. Elevate your supplier diversity knowledge and ace your certification!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How long do short-range strategic plans typically last?

1 to 2 years
3 to 5 years
5 to 10 years
Less than 1 year

The correct answer is: 1 to 2 years

Short-range strategic plans are generally designed to address immediate goals and objectives that an organization aims to achieve in the near future. These plans typically span a timeframe of 1 to 2 years, making them suitable for responding to current market conditions, operational needs, and short-term strategic initiatives. This duration allows businesses to remain agile and adapt to any changes in the economic landscape or operational challenges that may arise. By focusing on a 1 to 2-year horizon, organizations can effectively allocate resources, implement necessary adjustments, and evaluate the effectiveness of their strategies in a manageable timeframe. This level of planning is essential for ongoing success and competitiveness in a dynamic market environment. Longer-range plans, like those extending to 3 to 5 years or beyond, are more concerned with broader strategic vision and longer-term goals, which differ from the immediate tactical needs that short-range planning addresses.