Various department work in accordance with the overall plans of the organisation. If you start creating your goals in the first step and organize them accordingly what you’ll find is you’ve begun to take the first step towards creating a roadmap. Thus, planning is helpful in reduction of uncertainty and risk. Thus clarity in objectives on the part of employees inspires them to contribute productively towards goal attainment. focusing on the objectives and selecting a course of action that would help attainment of objectives at the least cost, planning, brings greater economy in operation. The slotter or slotting machine is also a reciprocating type of machine tool similar to a shaper. In the dynamic and changing environment planning ensures the growth and survival of the organisation. Strategic planning results in setting strategic objectives, which boil down to tactical goals and further seep down to aid in operational planning. An efficient system and planning enable a business enterprise to achieve the following advantages or benefits: Basic feature of planning is its relation with organisational structure. This makes it easy to compare the actual performance with the planned one. Planning how you accomplish them is a valuable exercise for your business growth and development. Being prepared keeps you from getting caught off-guard if things don’t go as planned. Business environment is constantly changing. This is not always because of faulty planning but due to lack of proper planning. As a managerial function planning is important due to the following reasons:-, ii. Introduction to Seals : Since planning takes a future outlook, it takes into account the possible future developments. Objectives provide a direction and all planning decisions are directed towards achievement of these objectives. Thus, planning being a primary function ensures efficiency of all the other functions. It is also helpful in relating internal conditions and processes to external events and forces. Therefore, planning is the basis for control. A business enterprise lives in the world of resources, opportunities and limits. Planning is vitally important to success. Submitted by ILX Marketing Team When you begin a project, the temptation is to hit the ground running. Planning is the best stage for the integration of diverse forces at work sound planning interrelates all the activities and resources of an organization. For example, when Cavincare Company (based in South India) wished to introduce shampoos in rural markets in south and where bottled shampoo were perceived to be bulky and expensive, Cavincare introduced their shampoos in sachets worth 50 paise that were easier to carry and used by many members in a household. Otherwise coordination function cannot be performed. By involving employees, the process of planning encourages a healthy work atmosphere. Plagiarism Prevention 5. Objectives represent the ultimate points of planning, so management should try to visualize future possibilities and revise its plans so that objectives are achieved effectively. Learn from the mistakes, failures or pitfalls of previous projects by taking the time to reflect. Thus planning involves forecasting. Planning means deciding, which further implies determining in advance, the actions and resources (human and physical) required to reach a goal. Planning Helps to Identify Potential Opportunities and Threats: 11. Learn about the importance of planning in the sphere of business enterprise, organisation and management. Just because you are professional it doesn’t mean you can’t have fun. There is a challenge before management not only to solve future problems but also to take maximum advantage of favorable conditions. Some activities may get pushed to future time frames or may be delegated to subordinates if deemed of less value- addition to the concerned manager (and her objectives). Planning allows making the best choices amongst the available alternatives, which helps to achieve desired results and minimize undesired consequences. However, it would be a gross simplification to suggest that most managers know the importance of rational and scientific planning. iii. At the same time, if the growth is large and you are at 700 units, then you need to boost manufacturing. Planning aids the manager to assure the survival of the organisation under keen competition and changing environments. Control cannot be exercised without plans because the function of control is to ensure that the activities conform to the plans. Planning facilitates their achievement by focusing attention on them. Organisational effectiveness is related to the extent to which a business has been able to accomplish its objectives by efficiently allocating all resources. Keeps the Business Organisation Dynamic: 12. As a result, the actual activities undertaken deviate from the desired path leading to wastage of effort and inefficiency. Stakeholders, team members and clients alike may have ideas to input. It provides sense of direction to various activities, e.g. It encourages manager to act with initiative and create situations favourable to the organisation. Planning involves, the selection of most profitable course of action that would lead to the best result at the minimum costs. According to Earnest C. Miller, “Managerial planning attempts to achieve a consistent, co-ordinated structure of operation focused on desired ends. Planning can help quantify goals and establish a means of measuring success. Tackling Increasing Complexities of Business: At present, there is need for many people with different qualifications to run a business. To increase organizational effectiveness: Mere efficiency in the organization is not important; it should also lead to productivity and effectiveness. It facilitates delegation of authority and assists managers in providing consistent, aggressive and confident leadership. How many believe and realise the importance of planning is evident from the fact that even today, when we have a plethora of management literature on planning, control, etc., we have countless instances of enterprises buckling down under sudden and unforeseen pressures and going out of business. The overlapping and Wasteful activities are reduced because planning –. Planning indeed increases credibility and trust with the stakeholders of an organization. Planning is made to achieve desired objective of business. As a result, new product or process improved versions of existing product or new opportunities are identified. Planning directs decision making and efforts on a guided Patli leading to the desired destination, the … Thus, planning is futuristic as it helps in meeting future events effectively and efficiently to the best advantage of the organization.

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