PLANNING MEANING

  1. Planning is deciding in advance what to do and how to do it. It is one of the basic managerial functions. Planning is the process of thinking before doing. Planning try to bridge the gap between where we are and where we want to go.

BENEFITS OF PLANNING.

  1. Provides directions
    • Act as a guide for deciding what action should be taken and when
    • Without planning, employees would be working in different directions.
  2. Reduces the risks of uncertainty
    • Planning predicts advantages and disadvantages in future events and suggests suitable action.
    • Strength, Weakness, Opportunities and Threats are examine to determine the most suitable action
  3. Innovative ideas
    • Since planning is the first function of management, managers use new ways and means to achieve required goals
    • Managers use foresight, logical thinking and creativity to achieve goals
  4. Maintain standards for controlling
    • Provides standards against which actual performance is measured.
    • Controlling  makes the planning a base and compares actual performance with standards
  5. Enhances decision making
    • Make a choice from various alternatives.
    • The manager evaluates each alternative and selects the most suitable alternative
  6. Reduces wasteful activities
  • Clearly defined the activities and efforts of different divisions, departments and individuals.
  • Avoids confusion and misunderstanding to carry the work smoothly.

“Though planning is an important tool of management, yet it is not a remedy for all types of problems”. Do you agree with this statement? Give any five reasons in support of your answer.