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POLICY AND PLANNING Policy and Planning are complementary to each other. Policy formulation is an important aspect of the planning. The smooth working of an organization requires the formulation of the policies. A well thought exercise is essential to formulate the sound and effective policy. The following is the procedure to formulate the policies: DEFINING…
TYPES OF PLANNING IN BUSINESS Planning is an intellectual process of thinking resorted to decide a future course of action regarding: What to do? How to do? Who will do it? When to do? Planning is first and foremost function of the management of ‘THINKING BEFORE DOING’. It is a bridge between the present situations…
PROCESS OF PLANNING Planning is a process that involves the setting up of the business objectives and allocation of resources for achieving them. Planning determines the future course of action for utilizing various resources in a best possible way. It is a combination of information handling and decision making systems based on information inputs, outputs…
ADVANTAGES OF PLANNING IN BUSINESS Planning helps the organization in achieving its objectives early. The planning helps the organization in many ways. Some of the advantages of planning in business are as follows: BETTER UTILISATION OF RESOURCES Planning is deciding in advance regarding what to do, how to do, who is to do it, when…
OBJECTIVES/ IMPORTANCE OF PLANNING IN MANAGEMENT Planning is an essential function of the management. It aims at making the realistic plans with a view to utilize the resources optimally and contribute to the efficiency and effectiveness of the economy. The following point will clearly illustrate the Importance of Planning in management: 1.ESSENTIAL FOR MODERN BUSINESS…
