Question

Planning? Explain the nature, importance and process of planning.

Answer 1

Answer:

Planning is the most basic of all managerial functions. It is the process by which managers establish goals and define the methods by which these goals are to be attained.

Planning involves selecting missions and objectives and the actions to achieve them; it requires decision making, which is choosing from among alternative future courses of action.

– Weihrich and Koontz

Nature of Planning

The nature of planning can be understood by examining its four major aspects. They are;

1. It is a contribution to objectives,
2. It is primacy among the manager’s tasks.
3. It is pervasiveness, and
4. The efficiency of resulting plans.

Importance

1. Minimizes uncertainty and risk-helps in decision making
2. (ex: refrigerator)
3. Gives a clear view of the future-forecasting
4. Leads to effective use of resourcesand economic operation
5. Effective control-planning andcontrol are inseparable andinterdeendent.

Planning Process:

1. Setting objectives.
2. Recognising needs for the action.
3. Developing premises.
4. Identifying alternatives.
5. Examining alternate cause of action.
6. Selecting the alternatives.
7. Formulating supporting plan.

I hope this will be helpful for you.

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Answer 2

$\sf\red{Planning}$

Planning can be defined as thinking in advance what is to be done, when it is to be done, how is to be done and by whom it should be done.

$\sf\red{Nature \: of \: Planning}$

• Planning contributes to objectives
• Planning is primary function of management
• Pervasive
• Planning is futuristic/ forward looking
• Planning is continuous
• Planning involves decision making
• Planning is a mental exercise

$\sf\red{Importance \: of\: Planning}$

• Planning provides direction
• Planning reduces the risk of uncertainty
• Planning reduces overlapping and wasteful activities
• Planning promotes innovative ideas
• Planning facilitates decision making
• Planning established standard for controlling

$\sf\red{Planning \: Process}$

• Setting up of objectives
• Developing premises
• Listing the various alternative for achieving the objective
• Evaluation of different alternative
• Selecting and alternative
• Implementing the plan
• Follow up