ABC Ltd. has a plan of increasing profits by 20%. It has devoted a lot of time and money to this plan. But the competition starts increasing, so it could not change its plan to beat its competitors because huge amount of money had already been devoted to the pre-decided plan. It caused losses to the company. Explain any two limitation of planning highlighted in the above case. Also, quote the lines from it.
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Explanation:
planning is time consuming
planning involves huge cost
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Two limitations highlighted in the given case are-
- Planning is a time-consuming process. The line from the given case which supports the statement is " It has devoted a lot of time and money to this plan".
- Planning leads to rigidity is another limitation of the planning highlighted in the given case.
- Making decisions about what to do, how to do it, when to do it, and who should do it in advance is called planning.
- This fills the gap between the organization's current state and its desired state.
- The planning process entails setting goals and ordering them logically.
- Making plans enables us to take responsibility for our actions.
- Planning enables us to choose how to allocate our resources people, time, money, knowledge, and equipment to ensure that they have the greatest impact on the achievement of our goal.
- Planning provides the framework for effectively assessing and evaluating our accomplishments.
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