What is planning ? Explain various steps in the process of rational planning.
Answers
planning is deciding in advance what to do and how to do. it is one of the basic managerial function .planning involves setting objectives and developing appropriate course of action to achieve these objectives .
the following are the steps involved in planning :
1. Awareness of business opportunity or problem : there will be many business opportunities . the management must be made aware of an opportunity . similarly a problem may arise in future . Awareness of an opportunity is the real benefit for a plan . the management must keep steps to make use of business opportunity . similarly it must take steps to avoid problem which is likely to arise in future.
2. determination of objectives: the second step in planning is to determine the objectives for the entire business concern. objectives clearly state the results to be achieved by the management. the objectives can be achieved by laying down proper strategies policies procedures rules and budgets.
3. determining planning premises : various factors and forces like product market material market capital market government policies and technological improvements will have great influence on business activity and profitability . the management master key persons about the future behaviour of various factors and forces which influence business .
4. determining alternate course of action : there will be various course of actions to achieve desired results . after evaluating the various alternatives the most suitable course of action is selected as the plan .
5. formulating the derivative plans : cancer proper course of action is selected it is necessary to prepare derivative plans to support the basic plan . it helps in the achievement of objectives in future .
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