Planning- Concept, Importance, Limitations, and Process- Business Studies Class 12

Planning

Planning is done in advance to achieve the future objectives. It is basically setting up the target and formulating the action of the plan to achieve the business goal. Plans are always developed for a fixed period of time.

We can define Plans as “setting targets and objective for a fixed period of time and formulating multiple courses of action to achieve them and selecting the best alternative course of action”

“Planning is a function that determines in advance what should be done. It consists of selecting the enterprise objective, policy, programmes, procedures and other means of achieving those objectives. In planning, the manager must decide which of the alternative plans to be executed and followed. Planning is intellectual in nature. It is mental work. It is looking ahead and preparing for the future” Theo Haimann

Features of Planning

Focus on achieving objective– It contributes to the achievement of the objective. It starts with the determination of objective and then the course of action is planned.

A primary function of the organization– it is the basic function performed by the management team. No other actions can take place without planning.

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