Wales' athletes have been set an "unashamedly ambitious" target of 35 medals at the 2014 Commonweath Games.
Sport Wales wants to top the leading medals-per-head of population at the event which is being held in Glasgow.
And the target is much higher than the one for the forthcoming Games in Delhi is between 18 and 28.
"We want Wales to be world renowned as a successful sporting nation where winning is expected," said Sport Wales chair Laura McAllister.
Sport Wales' targets have been agreed with governing bodies of sport in Wales and also include between six and 10 medals across the London 2012 Olympics and the 2016 Olympics in Rio de Janeiro, as well as at least 30 medals across the 2012 and 2016 Paralympic Games.
The targets also have the backing of the Welsh Assembly Government (WAG).
"We believe that this strategy marks the beginning of a journey to further and greater success in the future," McAllister said.
"As the only major multi-sport event in which athletes can pull on the red vest and compete as Wales, the Commonwealth Games is a top priority.
"We are a small nation with limited resources and we must demonstrate return on investment. That is why we must get the very best out of the resources available.
We do not wish to close the door on any sports or talented athletes so we have to ensure that we can respond to the rapidly evolving world of elite sport
Sport Wales chair, professor Laura McAllister
"This strategy helps to focus the work of Sport Wales and our partners on delivering maximum success for the funding available.
"Recognising the tough financial climate, it seeks to focus on excellence and value for the Welsh sporting pound.
"We will also ensure that the system is flexible. We do not wish to close the door on any sports or talented athletes so we have to ensure that we can respond to the rapidly evolving world of elite sport.
"We will be working with sports to enable and develop them to move into these categories."
WAG heritage Minister Alun Ffred Jones, who is responsible for sport said: "Wales is a small nation with big ambitions.
"We want to win medals at the major multi-sport events like the Olympics, the Paralympics and the Commonwealth Games.
"We want to win World and European championships and to be known across the world for our sporting achievements.
"This strategy provides a clear direction and ambitious targets for elite sport in Wales.
"It provides a sound basis for making the best use of available resources to deliver excellence and for measuring progress towards our ambitions."