Time frame sets the context. Near term target completion time requires the elements of the project to be concrete, tangible and known. The project due tomorrow afternoon has a team and we can call each member by name. The materials are quantified, we know how much. We know the vendor, we know the price point. We know the delivery time, we know the schedule. Every element is concrete, tangible and known. Why?
Because the project is due tomorrow afternoon.
A long term target completion is more conceptual. If the project will not be complete for five years, we know we will have a project team, but over the term of the project, some may quit, retire, get picked off by a competitor. We have an idea about materials, but over the term of the project, a new material might become available (better, faster, stronger) and we might have to adapt. Our supplier may not be in business in five years’ time or may no longer be serving our needs. We might need an alternate vendor.
We need both tactical thinking and strategic thinking. Our five year conceptual plan, in four years, must transform into a one year tactical plan.
Some people think short term. Some think long term. Some think both.