The document discusses the importance of developing long-range and short-range plans for managing information systems (MIS) within an organization. It states that information should be recognized as a major resource like capital and managed appropriately through planning and control. A long-range MIS plan provides direction for systems development over time and helps achieve specific targets, while a short-range plan allows for a flexible system that can adapt to changing information needs and provide new required information. The document also mentions that a system development life cycle is needed.