PLANNING

-:MEANING
Planning is the process of charting out the path for attaining objectives and
overall purpose of the business. Planning is deciding in the present what to
do in future and it requires both creativity and analysis in defining business
.opportunities and constraints

-:FEATURES OF PLANNING
Contributes of objectives(1)
Primacy of planning(2)
Forward looking(3)
Pervasiveness(4)
Efficiency of operations(5)
Involves choice(6)
Continuous process(7)
Intellectual process(8)

-: IMPORTANCE OF PLANNING
Offsetting uncertainty and change(1)
Focusing attention on objectives(2)
Gaining economical operation(3)
Established coordinated efforts(4)
Encourages innovation and creativity(5)
Facilitating control(6)

-:TYPES OF PLANS
Goals(1)
Objectives(2)
Policies(3)
Procedures(4)
Rules(5)
Methods(6)
Programmes(7)
Budget(8)

-:PROCESS OF PLANNING
Define organizational objectives(1)
List alternative ways of reaching the objectives(2)
Develop premises on which to base each alternative(3)
Choose the best alternative(4)
Formulation of supportive plans(5)
Put the plans into action(6)
Follow-up(7)

-:LIMITATIONS OF PLANNING
Lack of accuracy(1)
Costs(2)
Adverse effect on investment(3)
Delay in actions(4)
Psychological barriers(5)
Limited flexibility(6)
Human elements(7)
Limited practical value(8)

Compiled by,
Rizwan Basheer Ahmed