Principles Of Management : Planning
“Nobody plans to fail, but they fail to plan” , the quotation shows the importance of planning in Principles of Management. So here we discuss about the types, policies, Importance, Objective, Advantages of planning in Management.
It is the process of determining the objectives, of the administrative effort and of devising means calculated to achieve them. It is the preparation of action. It is an endeavor to apply foresight to human activity, and is based on knowledge and research.
Terry has defined that planning in terms of future course of action. He sags that, Planning is the selection and relating to facts and making using of assumptions regarding the future in the visualization and formalization of prepared activities believed necessary to achieve derived result.
Types of plans
1. Financial or Non financial plans.
2. Formal and informal plans
3. Specific and Routine plans – particular object regular
4. Strategic and functional plans – production, purchase marketing.
5. Long range and short range plans 6. Administrative & operational plans management.
Strategies, Policies & Planning Promises
a) Strategies: related to the environmental its impact on the organization.
b) Policies are also guidelines & dear. It should be namable and stable, flexible based on proper and correct information and sound judgment.
– Based on certain assumption called premises
– For a future settings or happenings.
– Made about market conditions, price trends, tex policy, Government policy business cycle etc.,
– Represents the plan environment
– Planning premises are external & internal tangible and intangible.
– Controllable, semi-controllable, and un-controllable.
Importance of planning
1. Selections of optimum goals.
2. Tackling increasing complexities.
3. Meeting environmental charges.
4. Safeguard against business failure.
5. Unity of action.
6. Effective co-ordinations & control
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