Management planning is a crucial function of management that involves formulating a future course of action for accomplishing a specific purpose. Planning enables managers to decide what task to do, how to do the task, when to do the task and by whom the task has to be done. It lays a foundation for establishing a mission statement, defining organizational goals and determining resources needed to achieve organizational goals. Planning is the primary function of management that involves formulating a future course of action for accomplishing a specific purpose.
Planning is a continuous process that involves making present entrepreneurial decisions systematically and with the best possible knowledge of their futurity. It is an intellectual process that requires managers to be aware of environmental conditions facing their organization and forecast future conditions. Planning is a futuristic approach that bridges the gap between where we are and where we want to go. It makes possible things to occur, which would not otherwise occur. Planning is a flexible process that can be modified as per the changing circumstances. It is a pervasive function of management that is required at all levels of management.
The process of planning involves setting organizational objectives, examining the business environment, assessing available alternatives and selecting the most appropriate alternative, formulating secondary plans, ensuring cooperation and participation, and following up. The process of planning is a continuous process that requires constant monitoring and evaluation.
There are different types of plans that managers can use to achieve organizational goals. Strategic plans are a framework for an organization and contain the mission of an organization. Tactical plans are developed by middle-level management for a span of generally less than three years. Operational plans are developed by lower-level management and are short-term plans that are used to achieve specific objectives. Contingency plans are developed to deal with unexpected situations.
Planning has several characteristics that make it an important function of management. Planning is a continuous process that requires constant monitoring and evaluation. It is an intellectual process that requires managers to be aware of environmental conditions facing their organization and forecast future conditions. Planning is a futuristic approach that bridges the gap between where we are and where we want to go. It is a flexible process that can be modified as per the changing circumstances. Planning is a primary function of management that