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Importance of Planning in Management

The document discusses various aspects of planning as the first step of the management process. It defines planning as the establishment of objectives and analysis of present limitations to attain goals. Some benefits of planning mentioned include increasing organizational adaptability, crystallizing objectives, ensuring related decision-making, and making control easier. The document also notes some potential limitations like planning being expensive and creating a false sense of security. It covers different time dimensions of planning, common planning tools, and distinguishes between objectives, strategies, tactics, standards, budgets, policies, procedures, programs, rules, and methods.

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69 views17 pages

Importance of Planning in Management

The document discusses various aspects of planning as the first step of the management process. It defines planning as the establishment of objectives and analysis of present limitations to attain goals. Some benefits of planning mentioned include increasing organizational adaptability, crystallizing objectives, ensuring related decision-making, and making control easier. The document also notes some potential limitations like planning being expensive and creating a false sense of security. It covers different time dimensions of planning, common planning tools, and distinguishes between objectives, strategies, tactics, standards, budgets, policies, procedures, programs, rules, and methods.

Uploaded by

Commercio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd

SUBMITTED BY:

SABITHA C L.
ROLLNO:10
PMTC Mavelikkara

Submitted to:
[Link] R
Asst professor
PMTC Mavelikkara

Planning is the first step of management


process concerned with the establishment of
objectives and analysis of present limitations
for attaining such goals

Increases the organizations ability to adopt future


eventualities
Helps crystallize objectives
Ensures a relatedness among decision
Helps the company remain more competitive in its industry
Reduces unnecessary pressures of immediacy
Reduces mistakes and oversights
Ensures a more productive use of resources
Makes control easier
Increases effectiveness of a manager
Helps the organization progress in a manner considered
most suitable

Effectiveness depends upon correctness of


assumptions

Planning is expensive

Planning delays actions

Encourages a false sense of security

According to time dimension:

Short term: Upto one year

Medium Term: >1 yr but <5yrs

Long term : >5yrs

Objectives/goals
Strategies & tactics
Standards
Budgets
Policies
Procedures
Programmes
Rules
Methods

End results to be achieved


They give direction to activities
Require creative thinking and foresight

Strategies are aimed at counteracting the


actions of the opponents

Tactics are immediate decisions based on the


executives judgement and experience whilst
facing an actual situation

Measure of level of achievement

Very helpful in evaluating deviations from


the plan

Used as both- planning and control device

May be expressed in units of product, finance


etc

General statements aimed at guiding


thinking whilst making decisions

Eg: promotions should be from within the


company or the existing staff

Involves a selection and establishment of a


logical series of tasks within the framework
of predetermined policies and objectives

Programme integrates policies, procedures


etc required for effecting a certain course of
action

Rules are related to procedures as they guide


action but there Is no time sequence
involved
Eg: Procedure for handling mail may require
a rule all letters received should be replied
to on the same day

Prescribes specifically and in detail how a


task is to be done
Constitutes the best method of performing a
task

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