PLANNING

     

LEARNING OBJECTIVES

 

*) The learner understands the concept of planning

*) The learner understands the Key factors of Planning

*) The learner understands the Significance of Planning

a) Concept

 

 Planning is the process of deciding when, what, when where and how to do a certain activity before starting to work. ... it is an intellectual process that needs a lot of thinking before the formation of plans. Planning is to set goals and to make certain guidelines achieve the goals.

 

 b)  Key Factors

 

1.    Deciding in Advance: -   What, When , Where , Who etc. to be done

2.    Thinking Before Doing

3.    Pervasive in nature

4.    Decision Making

5.    Achievement of goals

6.    Selecting best from various alternatives

7.    Dynamism

 

 

c)  Significance or Importance

                                                   

•       Helps in Direction

•       Reduces Risk or Uncertainty

•       Helps in Decision Making

•       Establishes Standards for Controlling

•       Promote Innovations

•       Dynamism or Flexibility

•       Achievement of Goals

•       Optimum Utilization of Resources

•       Waste or Overlapping Management

•       Pervasive                            

•       Forecasting future

Review Questions 

1) What is Planning ?

2) What are the Key Concepts of planning ?

3) What are the Features of Planning ?

References 

www.Slideshare.com

www.investopedia.com