Planning

Planning is a method to achieve goals. According to Henry Foyol, “Planning is chalking out a plan of action. i.e., the result envisaged in the line of action to be followed. The stages are to go through the methods to use”.

In other words, Planning is a purposeful activity as it involves determining various decisions and actions to be performed for achieving the goals of the organisation.

Process of Planning:

• Setting up objectives
• Developing
• Evaluation
• Implementation

Planning Importance:

• Provides directions: It means to provide directions to employees for their roles and responsibilities in an organisation.
• Reduces the Risk Uncertainty: It helps to overcome uncertainties
• Reduces overlapping and wasteful activities : planning evaluates the uses of available and prospective resources of the business
• Promotes innovative Ideas: planning makes the people innovative and creative
• Facilitates Decision Making: It helps to facilitate the Decision making by taking courses of action
• Establishes standards for controlling: It has controlling ability to suggest remedial measures.

Limitations of Planning:

• Reduces creativity: when we start working rigidly according to a plan, we might miss some creative opportunities that has come our way otherwise.
• Involves Huge costs: It involves huge cost because it is an intellectual process so that companies hires only professional experts
• Time consuming Process: Lot of time is needed to develop the planning process.
• Not sure to get success: Planning is only analysing the future not the solution.