Define Planning In Business

Define Planning In Business-62
Planning quite logically, therefore, comes first before executing of all other managerial functions as it involves establishing the objectives necessary for all group efforts.Also, all the other managerial functions must be planned if they are to be effective.

Planning quite logically, therefore, comes first before executing of all other managerial functions as it involves establishing the objectives necessary for all group efforts.Also, all the other managerial functions must be planned if they are to be effective.The effectiveness of a plan relates to the extent to which it accomplishes the objectives.

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Likewise, planning and controlling are inextricably bound up.

Control without a plan is meaningless because the plan provides the basis or standard of control.

Two conceptual reasons supporting systematic planning by managers are limited resources and an uncertain environment.

Resource scarcity is a very important consideration for any organization today.

So planning will also define all the future functions of management.

We have already been introduced to five essential managerial functions, namely, planning, organizing, staffing, leading and controlling.Plans are efficient if they achieve their objective at a reasonable cost when such a cost is the measure not only in terms of time, money or production but also in terms of satisfaction of the individual or group.Both conceptual and practical reasons are put forward in support of planning.Goals represent an end state — the targets and results that managers hope to achieve.Action statements represent the means by which an organization goes ahead to attain its goals.Planning is considered the first primary function of management.In this function, managers define the organizational goals and allocate resources of the organization to achieve such goals.The nature of planning can be understood by examining its four major aspects.They are; Since plans are made to attain goals or objectives, every plan and all its support should contribute to the achievement of the organization’s purpose and objectives.Because of one’s authority or position in the managerial hierarchy, one may do more or less planning, but some kind or amount of planning a manager must do.According to Weihrich and Koontz; “All managers, from presidents to first-level supervisors – plan.”Plans should not only be effective, but also efficient.

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