Business Studies XII Content
Nature and Characteristics of Planning
2. Thinking and intellectual process: – Planning is intellectual process of predetermined thinking. It is a process of deciding about future actions. It includes the process where a number of steps are to be taken to decide the future course of action. Managers consider various courses of action which is necessary to achieve the desired goals and learn about the merits and demerits of every course of action and then finally decide what course of action may suit them best.
3. Planning is a continuous process: – Planning is a continuous process of a manager upon some assumptions. Therefore, the manager has to revise and adjust plans in the changing circumstances. Planning is a continuous process It involves continuous collection, evaluation and selection of data, and scientific investigation and analysis of the possible alternative courses of action and the selection of the best alternative.
4. Pervasiveness of planning: – Planning follows pervasiveness of planning. It is the function of every managerial personnel. The character, nature and scope of planning may change from personnel to personnel. It is universal activity. It is important to all managers in all levels as planning is required in all levels.
5. Based on facts: – Planning is not guess work but highly based on facts, realities, objectives and forecasting.
6. Goal oriented/ future oriented: – Planning is requires achieving objectives because any formulated objectives are meaningless without plans. It identifies actions that would lead to the desired objectives quickly and economically.
7. Coordination: – Planning helps to coordinate various levels of activities .it provides guidelines to do work to all managers and staffs of all levels.
8. Others: – Planning is a selective process. It helps in increasing the efficiency.