Question

What is planning write it's merits and demerits

Answer 1

Answer:

in business planning refers to systematic plan of management of money concerned with the protection and seving of money.

merits

1. pre-planning is best way to keep safe your money from unwanted expenses.
2. saves money so that we can it can be use of other important purposes.

demits

1. accidental losses can spoil plans.
2. sometimes predicted price factors may be different from actual price result to increase in budgets causes Deficiency.

Answer 2

Planning is the first step of management, it means planning is ascertaining prior to what to do and how to do it. It is one of the primary managerial duties.

• The advantages of planning are-

1. It provides directions:- It executes the direction, it serves as a base for the management.
2. It decreases the chances of risk:- If there is a plan, then there will be no trial and error.
3. It decreases overlapping and wasteful activities:- If there is a plan, then there will be no trial and error, wasting sources will be reduced.
4. It encourages innovative ideas:- These lead all planned actions pointing to growth and of the business.

• The disadvantages of planning are-

1. Time-Consuming - It takes a huge time to execute a plan.
2. Expensive- It is an expensive procedure, to execute a proper plan.
3. Rigidity - Once a plan is made, there can be no changes thus making it less flexible.