Define Planning In Business

Define Planning In Business-68
So planning will also define all the future functions of management. We have already been introduced to five essential managerial functions, namely, planning, organizing, staffing, leading and controlling.

So planning will also define all the future functions of management. We have already been introduced to five essential managerial functions, namely, planning, organizing, staffing, leading and controlling.

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This is also the widely accepted conceptual framework of management.

Planning involves selecting missions and objectives and the actions to achieve them; it requires decision making, which is choosing from among alternative future courses of action.– Weihrich and Koontz It is, therefore, a rational approach to achieving pre-selected objectives.

Planning involves determining various types and volumes of physical and other resources to be acquired from outside, to allocate these resources in an efficient manner among competing claims and to make arrangement for systematic conversion of these resources into useful outputs.

As it is clear from the above discussion, plans have two basic components: goals and action statements.

Likewise, planning and controlling are inextricably bound up.

Control without a plan is meaningless because the plan provides the basis or standard of control.Planning is considered the first primary function of management.In this function, managers define the organizational goals and allocate resources of the organization to achieve such goals.An organized enterprise exists to accomplish group objectives through willing and purposeful co-operation.That planning is the prime managerial function is proved by the fact that all other functions such as organizing, staffing, leading and controlling are designed to support the accomplishment of the enterprise’s objectives.It also involves thinking about past events (retrospectively) and about future opportunities and impending threats (prospectively).Planning enquirers about organizational strengths and weaknesses and involves decision making about desired ways and means to achieve them.Two conceptual reasons supporting systematic planning by managers are limited resources and an uncertain environment.Resource scarcity is a very important consideration for any organization today.Planning is thus taken as the foundation for future activities.Newman has thus defined it as, “Planning is deciding in advance what is to be done; that is a plan is a projected course of action.”So, planning can be thought of as deciding on a future course of action.

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