 When we talk about the portfolio selection, Time Horizon is another important determinant that plays a very important role or a significant role in deciding or selecting the portfolio for an individual or an organization. So, when we are formulating a plan for portfolio selection, you have to see for how long you are going to formulate this particular plan. Planning Horizon is defined as a total length of time for which you are planning. So, it can be variable depending upon the situation you are in. You are planning for 6 months or planning for 1 year or planning for 3 years. So, there could be a very long horizon you are exposed to or you can do short term planning. So, it depends on your age and how long you want to define your plan. So, obviously, if there is an individual who is 85 years old, who is a young person who has recently graduated, he might plan for his entire work life, until he is 60 years old. So, it depends upon a number of things that you have done during the plan. So, that is basically defined as or termed as the time horizon. When we are looking at different aspects, we are planning according to the time period. So, decision horizon is considered to revise your planning. So, if you have a time plan for 10 years, you can fix a decision horizon of 6 months. I have made a 10-year plan every 6 months or every year when December comes. So, I am going to revise my 10-year plan. So, there could be the total time horizon for a plan and then there is a decision horizon. These are two different concepts. Decision horizon means that you have defined the time period for which you have done the total planning. After going through so many time periods, after regular intervals, we will review or revise our decision. So, that is also essential. People go for the time horizon and then they go for the decision horizon as well. Now, there is another related concept which we need to understand. If you have any decision, it depends on what is going on in your future. You should force yourself to do this, this, this, this, and we will strategize it like this, or plan it like this. So, if we are taking any decisions where future happenings are involved and you are saying that we are going to do this kind of work in the future, if such and such work happens, then we call those particular decisions or decisions as a strategy. So, we have discussed three major headings in this particular session that we can have a time horizon which decides the duration of your plan. Then we talked about a decision horizon that you define that when a decision will be revised, when we will revise all our planning, you decide the frequency for which we named the decision horizon. And then I told you that the strategy tells that particular decision where any future happenings are involved. So, you are saying that this is my strategy that if we have to generate so many revenues after 2 years, or so much investment, I have so much money, after 2 years, after 5 years, to buy a house, to buy a car, I need 20 lakhs or 1 crore rupees, extra amount. So, if you are deciding anything for the future, then we call those decisions as a strategy. So, these are the three important concepts which are to be considered when we are defining or developing the portfolio selection process.