Features & Importance of Planning
Planning is the primary function of management. All functions are based on planning. It involves deciding something to be done in advance. This is a rational process of sensible thinking and rational decision-making. Planning focuses on the company’s objectives and develops a variety of courses of action. making proper planning and executing accordingly is the key to fulfilling the goals of a company.
In short, Planning can be described as "thinking in advance what is to be done when it is to be done, how it is to be done, and by whom it should be done".
1. Koontz and O'Donnell: "planning is deciding in advance what to do, how to do it when to do it, and who is to do it. Planning bridges the gap from where we are and where we want to go it makes possible things to occur which would not otherwise occur."
2. James stoner: "Planning is the process of establishing goals and a suitable course of action for achieving these goals."
Importance of Planning:
1. Helps to set a clear goal:
2. Provides path of action:
3. Planning boosts performance:
4. Reduce the risk:
Planning is based on the forecasting system. It is the process of looking into the future and predicting future changes. By deciding in advance the tasks to be performed, planning shows the way you deal with changes and unpredictable circumstances. Risks cannot be eliminated totally but they can be predicted and can be stopped with preventive measures. It reduces the risk of the future.
5. Planning leads to maximum utilization of resources:
6. Assists in decision-making:
7. Useful in setting the rules for managing
8. Facilitates Coordination of all activities:
9. Helps other management functions:
10. Promotes innovative ideas:
Features of planning
1. Planning is Pervasive:
3. Planning Aims at Efficiency:
4. Planning is Endless:
5. Planning is an Intellectual Process:
6. Planning is Future-Oriented:
7. Planning is Goal-Oriented:
Faq on planning