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Goals - short term, medium term, long term
Objectives can relate to different, future-oriented time horizons. In this context, one speaks of short-term, medium-term and long-term goals. The goals each have a planning character.
Short-term goals are goals that relate to a period of up to a year. In financial terms, this includes, for example, goals that are formulated in the annual budget.
Medium-term goals are goals with regard to a time frame of (depending on the interpretation of the term "medium-term") one to three years or one to five years. In public finance, medium-term goals are manifested, for example, in medium-term financial planning (cameralistics) or medium-term results and financial planning (double).
Long-term goals are goals that (depending on the interpretation of the term "long-term") cover periods of more than three or more than five years. An example of a conceivable long-term goal in the area of public finance would be the goal of "The debt level is to be reduced by 50 percent within the next ten years".
It should be noted at this point that, for reasons of simplification, the medium term is sometimes omitted and only a distinction is made between short-term goals (here: up to one year) and long-term goals (here: more than a year).
It should also be noted that the terms "short-term", "medium-term" and "long-term" also have counterparts in the management typology. Operational management relates to a short-term, tactical management to a medium-term and strategic management to a long-term planning period.
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- Strategic goals of German municipalities in the area of finance (blog entry from April 15, 2016)
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