Define Planning In Business

Define Planning In Business-83
Planning quite logically, therefore, comes first before executing of all other managerial functions as it involves establishing the objectives necessary for all group efforts.

Planning is a deliberate and conscious act by means of which managers determine a course of action for pursuing a specific goal.

Planning to a manager means thinking about what is to be done, who is going to do it, and how and when he will do it.

Likewise, planning and controlling are inextricably bound up.

Control without a plan is meaningless because the plan provides the basis or standard of control.

The effectiveness of a plan relates to the extent to which it accomplishes the objectives.

Essay On Online Education Is More Effective Than Campus Learning - Define Planning In Business

The efficiency of the plan, however, means its contribution to the purpose and objectives, offset by the costs and other factors required to formulate and operate it.It may also be treated as a process of thinking before doing.Management has to plan for long-range and short-range future direction by looking ahead into the future, by estimating and evaluating the future behavior of the relevant environment and by determining the enterprise’s own desired role.There are, however, differences between decision making and planning.Decisions can be made without planning but planning cannot be done without making decisions.This is also the widely accepted conceptual framework of management.Planning involves selecting missions and objectives and the actions to achieve them; it requires decision making, which is choosing from among alternative future courses of action.– Weihrich and Koontz It is, therefore, a rational approach to achieving pre-selected objectives.Goals represent an end state — the targets and results that managers hope to achieve.Action statements represent the means by which an organization goes ahead to attain its goals.Two conceptual reasons supporting systematic planning by managers are limited resources and an uncertain environment.Resource scarcity is a very important consideration for any organization today.


Comments Define Planning In Business

  • Planning - Wikipedia

    Planning is the process of thinking about the activities required to achieve a desired goal. In organizations, planning can become a management process, concerned with defining goals for a future direction and determining. To meet the goals, managers may develop plans such as a business plan or a marketing plan.…

  • What is business planning? definition and meaning.

    Definition of business planning The process of determining a commercial enterprise's objectives, strategies and projected actions in order to promote its survival.…

  • The Importance of Planning in an Organization

    Organizational planning provides a framework within which a company can. The pace of change in business is rapid, and organizations must be able to rapidly.…

  • Business Management 4 Types of Planning

    Business planning seems like it would be something that organizations do. Define Success How do you see your business in several years?…

  • The Difference Between Strategic and Tactical Planning

    Tactics are the substance of strategy. They comprise what is done pursuant to strategic planning. The strategic phase of business planning has thinkers you- the small business owner determining ways to achieve stated goals. Simply stated, they plan how people need to act in order to attain the objectives for which the strategy is to be used.…

  • What is planning? - Business Dictionary

    Definition of planning A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with.…

  • What is Planning? - Business Jargons A Business.

    Definition Planning is the fundamental management function, which involves deciding beforehand, what is to be done, when is it to be done, how it is to be done.…

  • What is budgeting, planning and forecasting BP&F? - Definition from.

    Budgeting, planning and forecasting BP&F is a three-step strategic planning process for determining and detailing an organization's long- and short-term financial goals. The process is usually managed by an organization's finance department under the chief financial officer's CFO guidance.…

The Latest from ©