Short term planning is planning to address goals that can be obtained within a short period usually within a week like having daily or weekly targets. Medium-term planning is planning for things or events that may take anywhere from a year to five years to complete. Long term plans are those that take from five years and up to complete. A good example of long term planning would be paying off of loans and liabilities that an individual or company may have.
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Short term planning is generally done for a short period of time may be for the financial year. Medium term planning is for the period of 18 months to 3 years and long term planning is of inspirational type and tends to extend from 5 years and more.