Question

"Without planning an enterprise would soon disintegrate, its actions would be as random as leaves scampering before an autumn wind, and its employee as confused as ants in an upturned ant hill". Comment
how success and failure in practice of basic management functions affect the organization. Support with real examples.

Answer 1

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Answer 2

There are always some assumptions required for planning with respect to future events.

Explanation:

• In other words, it is a prerequisite to determine the future settings such as marketing, pricing, government policy, tax structure, business cycle, etc., before finalizing the overall business plan.

• Due weightage should be given to the relevant factors at the time of Aadhaar. It may be pointed out that premises which may be of strategic importance to one enterprise may not be of equal importance to another due to size, nature of business, nature of market etc.

• Business Forecasting: Business is greatly influenced by the economic, social, political and international environment. Management should have a mechanism to predict changes in such environment. Good forecasts will contribute to the effectiveness of the plan.

• Dynamic Manager: The persons concerned with the task of planning should be dynamic in approach. They should take necessary initiatives to make business forecasts and develop planning premises. 125 A manager should always keep in mind that planning is forward looking and he is planning for the future which is highly uncertain.

• Flexibility: Some element of flexibility must be included in the planning process as modern business operates in an environment that keeps on changing. In order to get effective results, there should always be scope for making necessary additions, deletions or changes in the plans as the circumstances demand.

• Availability of Resources: Alternatives should be determined and evaluated in the light of resources available for management. In any decision problem, alternatives are always present.