Final answer:
The statement that long-run and short-run planning should be done independently is false. Short-run limitations and long-run adjustments in business planning are interconnected, making the integration of both planning periods crucial for successful strategy.
Step-by-step explanation:
Long-run planning and short-run planning are not best performed independently of each other; this statement is false. While it is true that in the short run, firms are limited by fixed inputs, and in the long run, all factors of production can be adjusted, successful business strategy involves integrating both short-run and long-run planning. The decisions a firm makes in the short run can affect its options and flexibility in the long run, and long-run objectives can inform short-run actions. It is hence crucial for both plans to be developed with an understanding of how they interact and influence one another.