Business Studies XII Content
Chapter 3 » Meaning of Planning | Business Studies – XII
Meaning of planning: –
Planning is the important and primary function of management. It sets all other functions into action. It is the beginning of process of management. A manager must plan before coming in action. It is concerned deciding in advance what to do? How to do? When to do? Why to do? Where to do? And who to do? And answering all these questions depends upon intelligence. Planning is a fully mental work.
Planning is the conscious process selecting and developing the best course of action to accomplish an objective. It is the process of deciding in advance what is to be done. It also involves the selection of objectives, policies, procedures and programs from among alternatives. It also includes selecting purposes and objectives of the actions to achieve them. Planning requires decision-making that is choosing from among alternative future course of action.
Planning is thus: –
- Planning is concerned with future and it helps the management to look ahead.
- It involves thinking about organization’s prosperity and helps analysis of information.
- It involves a predetermined course of action.
- It specifies the objectives to be attained in the future.
- It is basically a problem of choosing from the alternative courses of action.
- It relates with thinking before doing.
- It involves both decision-making and problem solving.
- Its objective is to achieve better results.