In Fall 2008 the department developed “Vision 2025: A Strategic Plan” to guide the department activities towards a set of agreed upon goals to fulfill the department’s mission. Since the release of Vision 2025 the department has experienced unprecedented growth in students, faculty, and staff. While this successful and exuberant growth is a point of pride for the department, it has also created significant challenges. In parallel, significant changes have taken place outside the university; world socio-economic conditions have changed, and new and qualitatively different scientific and technological challenges and approaches have emerged. To better meet our long-term strategic goals given the new economic climate and conditions, we have created a medium-range 5-year strategic plan which augments and refines the objectives of Vision 2025 to keep the department moving toward our long-term vision.