"BHAG" comes from Jim Collins' 1994 book, Built to Last, so is quite a well known term for corporate strategy fans of a certain age... https://www.jimcollins.com/concepts/bhag.html
I may be wrong, but I think when an organization starts pushing out goals like this, and in this way, it's a kind of coping mechanism for a problematic situation, to be organizing such plans and so have the thought and hope of them, even though there's no way for them to happen.
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