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    • Planning

    Planning

    • Posted by admin
    • Categories 12th, Commerce
    • Date December 31, 2019
    • Comments 0 comment
    planning-commerce

    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.

    Tag:importance of planning, planning business studies

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