How A Plan Period Can Be Defined And What Are Its Types?

Plans are always made for fixed periods. There are also as many durations of plans as there are types. The duration of a plan may range between 6 months to 25 years depending upon the specific needs and objectives.

Laos and Romania had a six, months plan: turkey, Yugoslavia, Czechoslovakia made plans of one year plan. Bulgaria, Morocco and Burma had plans of two years period while Korea, Poland, Hungary made plans of three years duration. Kenya once had a plan of 3 ½ years. Iran, USSR, the UAR and Syria had seven year plans while Liberia opted for a nine year plan. This does not include perspective plans which are made for much longer durations. Also period of a plan once fixed does not become permanent for all times to come. The period may be revised any time in response to the changing economic scenario.

Broadly speaking, plans may be classified into three categories or plans are framed in three sizes. A short term plan has a very brief and limited horizon. It is constructed with only one fiscal year in view. It is also called Annual Development Plan or simply Annual plan. A medium term plan covers four to seven years period with five years being the most popular choice. A long term plan, more technically called a perspective plan may have a 15-25 years tenure depending upon the peculiar economics compulsions and needs of a country.