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CLASS – XII��Business studies���Prepared by� JINI C.M.�PGT COMMERCE

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�PLANNING�

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�Planning-meaning�

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Planning involves setting objectives and developing appropriate courses of action to achieve these objectives.

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PLANNING IMPORTANCE:

  • Provides Directions
  • Reduces risk of uncertainties
  • Reduces overlapping and wasteful activities
  • Promotes innovative ideas
  • Facilitate Decision making
  • Establishes standards for controlling

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Features of Planning�

  • Focuses on objectives
  • Primary function of management
  • Pervasive
  • Continuous
  • Futuristic
  • Decision making
  • Mental exercise

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LIMITATIONS OF PLANNING:

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  • Leads to rigidity
  • May not work in dynamic environment
  • Reduces creativity
  • Involves huge costs
  • Is a time consuming process
  • Does not guarantee success

 

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PLANNING PROCESS: �

  • Setting objectives
  • Developing premises
  • Identifying alternatives
  • Evaluating alternatives
  • Selecting an alternative
  • Implement the plan
  • Follow up action.

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PLANNING PROCESS

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