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What is Planning?
Planning
Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal.
Its Purpose
The protective purpose of planning is to minimize risk by reducing the uncertainties surrounding business conditions and clarifying the consequences of related management actions.
ADVANTAGES OF PLANNING
It also avoids wastage of resources by selecting most appropriate use that will contribute to the objective of enterprise. For example, raw materials can be purchased in bulk and transportation cost can be minimized. At the same time it ensures regular supply for the production department, that is, overall efficiency.
The End