Question

Define Planning and explain its nature.

Answer 1

Planning is the first and foremost function of management. It is an intellectual process of thinking resorted to decided a course of action which helps achieve the pre-determined objectives of the organization in future. It is also the fundamental function of management and all other function like organizing, staffing, directing and controlling must reflects planning function of management. It is most important for higher level but this function is performed by every manager at their respective jobs. While planning the manager projects a course of action for the future aimed at achieving desired results for the enterprise as a whole and each department with in it.
It deals with future involves forecasting. A manager does not plan about the past but he is guided by the post performance in the process of planning it requires projecting future activities at the organization. So, we can say that planning is forecasting and deciding in advance a course of action to be followed in the future.
According to Terry, “ Planning is the selecting and relating of facts and the making and using of assumptions regarding the future in the visualization and formulation of proposed activities believed necessary to achieved desired results.”
H. Fayol says, “ Planning is deciding the best alternatives among others to perform different managerial operations in order to achieve the pre-determined goals.”

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Answer 2

Planning starts with an idea, idea of something innovative and creative. Planning bridges the gap between where are we and where we want to be. It provides the direction, facilitates decision making, establishes the standards for controlling and reduces the risk of uncertainty.

Explanation: following are the nature of Planning:

1. Focus is on achieving objectives: Every organization has some specific  goals to attain which will complete the targets and hence improve the company's efficiency to earn more profits. Hence, it is objective oriented.

2. Primary function: It is the primary function or the management. It is core and first step.

3. Pervasive: Planning  is pervasive function as it implies on all the levels of management.

4. Continuous: Planning is continuous process. It requires constant changes as the business environment changes. It is never ending function. Innovation and Creativity ensures the business life cycle.

5. Futuristic: It has a futuristic approach.It helps in reducing the risk of uncertainty.

6. Mental exercise: Planning requires brain work.

7. Involves decision making: As planning goes on there is a proper process  of making decision choosing the best  alternatives and analyzing them and then implementation. So it involves the mental exercise.