Planning

Planning Legal Aspects of Business Unit I

Meaning • Deciding in advance what to do, how to do it, when to do it, and who is to do it. • It bridges the gap from where we are to where we want to go.

Nature of Planning • A Thinking Process – Should be Creative

• Forecasting vs. Planning – F : expects; P : wants, highly scientific

• Accomplishment of group objectives – Co-ordinate varied human beings

• Choice between alternatives

Nature of Planning • Pervasiveness of Planning – I : Determine objectives – II : How to achieve – III : Operational Details (who, what mtls. Allocated, Time, Review, etc.)

• Flexibility • Integrated process

Importance of Planning • • • • • • •

Selection of optimum goals Tackling increasing complexities Meeting Environmental Changes Safeguard against business failures Unity of action Effective co-ordination and control Increase Organizational Effectiveness

Limitations • Uncertainty • Action packed routine – Little time to think and plan

• Abstraction – Assumptions and Guesswork

• Rigidity • Costly – Time and Money

Any Doubts???