An opportunity only knocks the door once! Planning is based upon the organisational objectives. Planning leads to maximum output with minimum expenditure. Planning is directed towards efficiency – To increase the efficiency of the enterprise is the main purpose of planning. 7. The second plan after the first and third plan after the second, and so on, goes on, irrespective of changes taken place in goals, policies, methods, sources of Enterprises and circumstances, etc. 3. The planning process has the following inherent characteristics: i. Plans of different types of business though different in details exhibit the following common characteristics: 1. – If management energises a plan, then planning gives the basic energy and directs the process of mobilising funds and other resources and infect becomes the basis of all other functions. It essentially involves looking ahead and preparing for the future. The present and future status is usually expressed in terms of objectives and actions to be taken to achieve these objectives. Planning is pervasive – Planning is a pervasive activity covering all the levels of enterprise. Let us now discuss the features of planning as this will reveal what exactly a planning is: Planning is not an end in itself. Conscious process – Planning is a rational and conscious intellectual process. to prepare an authentic, meaningful and achievable budget. Planning helps the organization to adjust its activities in response to the changing environment. It is also common in big business and small business. Thus, planning is purposeful. Flexible 9. Existing plans should be revised from time to time for incorporating the changes taking place in the external environment. After setting up of the objectives, planning decides the methods, procedures, and steps to take for the achievement of set objectives. At the end of the financial year, the actual results are compared with the forecast to evaluate business performance, and a new forecast for the new financial year is prepared. This indicates that the planning is goal oriented. The following facts come to light about its nature and features: (1) It is Focuses on Achieving Objectives: Management begins with planning and planning begins with the determining of objectives. Features of Planning. This involves allocation of resources to individuals and departments. Lower level management does day to day operational planning. Interpreting an abstract element requires considerable thinking. Forecasting describes what one expects to happen if he does not do something to escape it. Planning is related to the future and future is uncertain. It is neither an exclusive function of top management nor of any particular department. Thus, planning proceeds other functions. Effective planning should take into account conflicting views and, after weighing each alternative, carefully, arrive at a decision that satisfies all and assures maximum return on investment to the organization. It evaluates every alternative with reference to its needs and resources. It is the first of the managerial functions and facilitates other managerial functions like organising, staffing, directing and controlling. Management is equated with decision making, and planning is a precursor to decision making. eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_1',101,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_2',101,'0','1']));Related: 10 Components or Elements of Planning (with Examples). The execution of one plan initiates the formulation of another plan. This is the prerogative of owners and top-end management. Planning co-ordinates all the ‘what, who, how, where and why’ of planning. Planning is regarded as a measurement of the ability, efficiency, and skills of the managers. Therefore, planning is the primary function of management, which precedes all other managerial functions. Efficiency of planning is measured in terms of output-input ratio. Efficiency of plan is measured by its contribution to the objectives as economically as possible. Planning is the basic condition for an objective-oriented organization. Therefore planning is deciding in advance what to do, how to do it, when to do it, and who is to it. This necessitates careful alignment of knowledge, skills and motivation level of employees on the one hand, and material, machines and finances on the other. Planning is a thinking process rather than doing process. Planning puts focus on objectives. Planning is always concerned with looking into the future. Planning is indispensable in every activity of the Management. However, the degree of planning skills required will depend upon the manager’s position. Planning depends upon the imaginative power, foresightedness, well-considered thinking, knowledge, and ability, etc. Once objectives are set, planning is emanated. Planning problem arises when there are number of alternatives are available to select the most favourable one. So, These features of planning in management are very essential. For example, in planning for their organisation, the managers first decide the goals to pursue. Planning is primarily concerned with looking into future. Even so, forecasting does not bear comparison with planning of the organization objectives. Planning is the primary function of management. Decision making involves choosing the most appropriate alternative out of the several alternatives available. This automatically entails the need for the forecasting of future events. Plans are prepared for a specific period of time, may be for a month, a quarter or a year. It is a technique to see the future in the light of the present. The following facts come to light about its nature and features: (1) Planning Focuses on Achieving Objectives: Management begins with planning and planning begins with the determining of objectives. Conscious Process, 13. 10. Notify me of follow-up comments by email. Hierarchy of plans implies that plan at a lower level depends to a great extent on plan of its immediate higher level plan. It is a dynamic function and needs continuous review. Behind a plan are actions aimed at focusing on certain set goals and undertake major tasks for their achievement. Planning is Base for to all Management Functions 18. Planning is intended to cope with future uncertain events and situations.
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