Planning

Subject: Business Studies

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Lesson Info

  • Notes 2
  • Videos 0
  • Exercises 8
  • Practice Test 0
  • Skill Level Medium

Overview

Concept, Types of planning, Need for planning, Benefits of planning, Limitations of planning . Planning process

Notes

Concept of Planning, Types of Planning and Planning Process

Planning is the process of deciding when, what, where and how to do a certain activity before starting to work. Various types of plans are- Operational, tactical and strategic plan, formal and informal plan, proactive and reactive plan and functional and Corporative plan. The planning process comprises- Analysis of the environment, Setting the objectives, Develop premises, Determine and evaluate alternatives, Selection of the Best alternative, Formulation of the derivative plan, Budget formulation, Implementation of the plan and Follow up action.

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Needs, Benefits and Limitation for Planning

Planning is the primary function of management, which predetermines the future course of action. It provides the foundation for effective management of the organization. It is an important management function. The position of any business organization depends upon planning.

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