In addition to these two kinds of plans are the long-range plans prepared by some entities. Long-range plans, or long-range budgets, typically extend three to five years into
the future. In terms of their degree of detail and quantifiability, long-range plans are an
intermediate step between short-range plans and strategic plans. For example, a long-range
plan may culminate in a highly summarized set of financial statements or other quantified
objectives such as targeted financial ratios (e.g., earnings per share) as of a date five years
in the future. As a long-range plan is revised and refined during the early portions of the
planning period, it serves as a starting point for successive sets of short-range plans.