This is the 2017th most frequent German word.
kurzfristig
"Short-term" or "at short notice."
Here, 'kurzfristig' is used to describe the manner of the cancellation, indicating it occurred with little time to notify others prior to the event.
Die Veranstaltung wurde kurzfristig abgesagt.
The event was canceled on short notice.
In this case, 'kurzfristige' is used as an adjective describing 'Entscheidung', signifying that the decision must be made within a short time frame.
Wir müssen eine kurzfristige Entscheidung treffen.
We need to make a quick decision.
Here, 'kurzfristig' is used to describe the timing of the action, indicating it was limited or constrained by time confines.