Question

Explain the various steps involved in planning function

Answer 1

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What Is the Planning Process?

The planning process is the steps a company takes to develop budgets to guide its future activities. The documents developed may include:

Strategic plans (long-range, high-level company goals)Tactical plans (shorter-term, specific plans to work toward goals in the strategic plan)Operating plans (detailed plans for a specific department to implement)Project plans (plans to implement projects such as launching new products or building a new plant)

How Does the Process Work?

Although the specific steps differ slightly from company to company and depend on which type of plan you're developing, there are general steps that should be taken in order to ensure a good result. The steps in the planning process are:

Develop objectivesDevelop tasks to meet those objectivesDetermine resources needed to implement tasksCreate a timelineDetermine tracking and assessment methodFinalize planDistribute to all involved in the process