What is Planning in Management? Definitions and Objectives of Planning

Planning is an initial stage of management functions. Planning refers to a step before taking final action, planning and preparation of business policies and procedures, all the courses of programmes to ensure attainment of business objectives as well.

PLANNING IN MANAGEMENT

In other words, Planning in management refers to taking decisions, overall determination and preparation by arranging all the necessary resources in a way which meets organizational goals in the near future. In the absence of pre-planning no one can consider success.

Planning should be prepare with mutual consent and communication of all the members of the organization because everyone possesses different ideas, opinions which become helpful to make a sound plan, these will enable and boost more involvement in organizational activities towards implementing and executing plan.

Definitions of Planning

According to James Lundy, "Planning means the determination of what is to be done, how is to be done, and how results are evaluated."

                                                                                                              According to Henry Fayol, "Planning is deciding the best alternative among others to perform different managerial operations in order to achieve predetermined goals."

                 

PLANNING IN MANAGEMENT

                       

Objectives of Planning

Following are the objectives of planning are given below:

1) Goal Oriented

As we all know that without any objective or goal no activity takes place. Planning is totally goal oriented. There are particular objectives or goal sets by management in all the organizations which have to be achieved in future through effective planning.

2) Facilitates Understanding 

Through effective and sound planning members of the organization pays full attention and contribution in the achievements of organizational goals.

3) Facilitates Direction

Planning provides direction to the business organization in which ways all the available resources, manpower are to be manipulated in appropriate ways towards achievement of business objectives.

4) Pre-Prepare Against Future Risk

Forecasting the future is not possible at any rate because the future is uncertain. To ascertain the extent of future risk and its uncertainties management has to prepare planning in advance to beat future risk and reduce uncertainties.

5) Prediction of Future

Planning prepares a person for future changes. Although no one is able to predict the future , this is a prime action to determine upcoming future changes for smooth functioning of business enterprise.

RELATED ARTICLES:

MANAGEMENT MYOPIA

WHAT IS MANAGEMENT? DEFINITIONS AND FUNCTIONS OF MANAGEMENT

WHO IS AN ENTREPRENEUR ? AND QUALITIES OF ENTREPRENEUR