Define Planning In Business

Define Planning In Business-47
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.Planning is a deliberate and conscious act by means of which managers determine a course of action for pursuing a specific goal.

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.Planning is a deliberate and conscious act by means of which managers determine a course of action for pursuing a specific goal.

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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.

It may also be treated as a process of thinking before doing.

Management has to plan for long-range and short-range future direction by looking ahead into the future, by estimating and evaluating the future behavior of the relevant environment and by determining the enterprise’s own desired role.

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.An organized enterprise exists to accomplish group objectives through willing and purposeful co-operation.That planning is the prime managerial function is proved by the fact that all other functions such as organizing, staffing, leading and controlling are designed to support the accomplishment of the enterprise’s objectives.Planning involves determining various types and volumes of physical and other resources to be acquired from outside, to allocate these resources in an efficient manner among competing claims and to make arrangement for systematic conversion of these resources into useful outputs.As it is clear from the above discussion, plans have two basic components: goals and action statements.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.Planning is thus taken as the foundation for future activities.Newman has thus defined it as, “Planning is deciding in advance what is to be done; that is a plan is a projected course of action.”So, planning can be thought of as deciding on a future course of action.The effectiveness of a plan relates to the extent to which it accomplishes the objectives.The efficiency of the plan, however, means its contribution to the purpose and objectives, offset by the costs and other factors required to formulate and operate it.

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