Planning is both forward and backward looking how ?
Answers
Answer:
It is very true that planning is regarded as both forward and backward looking function.
Explanation:
Firstly, what is planning?
Planning is the process of deciding in advance what to do, how to do and by whom it is to be done.
Planning is said to be forward looking function because :
•Planning aims to forecast the risks and opportunities to occur in future.
•It comprises to plan or to decide the objectives of an organization.
•It makes assumptions and sets goals to be fulfilled by the firm by the end of financial year.
Planning is said to be backward looking because :
•Planning is done with regard to past achievement and drawbacks.
•It evaluates all the achievements and identifies the mistakes done in past.
•It makes sure that the drawbacks are removed and the firm earns enough profits in future.