Full Answer Planning is the function that allows management to develop plans needed for the organization to operate smoothly.
Planning is made to achieve desired objective of business. It provides sense of direction to various activities. Maruti Udhyog is trying to capture once again Indian Car Market by launching diesel models. Planning is looking ahead.
Planning is done for future. It requires peeping in future, analyzing it and predicting it. Thus planning is based on forecasting. A plan is a synthesis of forecast. It is a mental predisposition for things to happen in future.
Planning is an intellectual process. Planning is a mental exercise involving creative thinking, sound judgement and imagination. It is not a mere guesswork but a rotational thinking.
A manager can prepare sound plans only if he has sound judgement, foresight and imagination. Planning is always based on goals, facts and considered estimates.
Planning essentially involves choice among various alternatives. Therefore, if there is only one possible course of action, there is no need planning because there is no choice.
Thus, decision making is an integral part of planning.
A manager is surrounded by no. Planning lays foundation for other functions of management. It serves as a guide for organizing, staffing, directing and controlling. All the functions of management are performed within the framework of plans laid out.
Therefore planning is the basic or fundamental function of management. Planning is a Continuous Process. Planning is a never ending function due to the dynamic business environment. Plans are also prepared for specific period f time and at the end of that period, plans are subjected to revaluation and review in the light of new requirements and changing conditions.
Planning never comes into end till the enterprise exists issues, problems may keep cropping up and they have to be tackled by planning effectively. Planning is all Pervasive.
It is required at all levels of management and in all departments of enterprise. Of course, the scope of planning may differ from one level to another. The top level may be more concerned about planning the organization as a whole whereas the middle level may be more specific in departmental plans and the lower level plans implementation of the same.
Planning is designed for efficiency. Planning leads to accompishment of objectives at the minimum possible cost. It avoids wastage of resources and ensures adequate and optimum utilization of resources. A plan is worthless or useless if it does not value the cost incurred on it. Therefore planning must lead to saving of time, effort and money.
Planning leads to proper utilization of men, money, materials, methods and machines. Planning is done for the future. Under changed circumstances, the original plan of action must be revised and updated to male it more practical.It is the basic management function which includes formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.
According to Urwick, “Planning is a mental predisposition to do things in orderly way, to think before acting and to act in the light of facts rather than guesses”. Jun 23, · Planning is looking ahead. According to Henri Fayol, drawing up a good plan of action is the hardest of the five functions of ashio-midori.com requires an active participation of the entire organization.
With respect to time and implementation, planning Ratings: Functions of Management – Planning, Organizing, Staffing and More Management is an aspect of the business that doesn’t have the same specific duties some of the other parts of the business have. While an accountant will always know quite clearly the expertise and responsibilities he or she has, a manager needs to have a much broader set of.
Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions. Jun 30, · Planning Actions.
Planning actions as a function evaluates the goals of the company and then sets a course for success. This function evaluates the existing activities and goals.
Planning is a critically important function at all levels of management and supervision. Many people have written that the five management functions are of equal importance. Others believe planning may be the most important function.