Certification in Supplier Diversity Practice Exam

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Prepare for the Certification in Supplier Diversity Exam with our quiz. Study using multiple choice questions, detailed explanations, and gain the confidence you need to succeed. Maximize your chances of passing with targeted practice!

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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.