Question

Define planning and explain the step of process of planning

Answer 1

Answer:

The planning process is the steps a company takes to develop budgets to guide its future activities. The documents developed may include strategic plans, tactical plans, operating plans, and project plans. ... The steps in the planning process are: Develop objectives. Develop tasks to meet those objectives.

Explanation:

The 5 Steps of the Strategic Planning Process

Determine your strategic position.

Prioritize your objectives.

Develop a strategic plan.

Execute and manage your plan.

Review and revise the plan.

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Answer 2

Planning :

Planning is the Process of deciding in advance what to do, how to do, when to do, and by whom it is to be done. It is one of the basic managerial functions. It refers to the determination of a course of action to achieve the desired results efficiently and effectively.

Planning Process :

1. Setting Objectives

The First and foremost step in planning is setting objectives. Objectives are set for the entire organization and for each department.

2. Developing Premises

Planning premises refers to various assumptions made by the managers about the future for the preparation of plans. It is developed based on systematic estimates and forecasting.

3. Identifying Alternatives

After setting the objectives and making assumptions next step would be to identify alternative courses of action.

4. Evaluating Alternatives

The next step is to weigh the pros and cons of each alternative in terms of their expected benefits and costs.

5. Selecting an Alternative

Alternative to be selected would be most feasible, profitable and with least negative consequences.

6. Implementing the Plan

Implementing the plan involves putting the plan into action.

7. Follow Up Action

To see whether the plans are being implemented and activities performed , monitoring the plans is equally important.