Planning is the key to success of an organisation. A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. Most managers can benefit from having a strategic plan. The enterprise must be ready to exhaust the available resources for the achievement of a plan. The important principles may be stated as follows: This means that certain resources must be committed or pledged for the purpose of planning. However, to plan any kind of work, the following facts demand utmost attention: (i) The nature, quality and quantity of work to be done, the best way of doing it, the time available for its accomplishment, how to do it, when it is to be done and who are to do it. Elements of Control Plan. What's the Difference Between Vision, Strategy and Tactic? Some important definitions of planning, given by the eminent authors are stated below: According to Koontz and O’Donnell, planning is “an intellectual process, the conscious determination of courses of action, the basing of decisions on purpose, facts and considered estimates.”, “By means of planning management members try to look ahead, anticipate eventualities, prepare for contingencies, map out activities and provide an orderly sequence for achieving the objective.”, “The plan of action is, at one and the same time, the result envisaged, the line of action to be followed, the stages to go through, and methods to use.”. A business plan should do all of the following EXCEPT:? There may be separate plans prepared in different levels in the organisation, but all the sub-plans must be united with the general plan so as to make up a comprehensive plan for operation at a time. A. A project involves basically the investment of funds, the benefits from which can be accrued in future. What is the Importance of Planning in Management? Planning is directed towards efficiency. However, without setting the objectives there is nothing to organise, direct or control. It’s been said that “A vision without a plan is just a dream. There are seven basic elements of a strategic plan. Definition and Meaning of Planning 2. All of the following elements should be included in a project scope statement EXCEPT: names of the project team members Once the project is underway, each potential change to a project is normally documented by some sort of change request. The nature of the business that the organization is engaged in. Some of the most successful corporations started in garages, and through planning became industry giants. It is within the planning function that goals are determined, decision-making takes place, forecasts are made and strategies are initiated. Private insurance is an important need. Question 2. All taxes, except payroll, paid to the appropriate government institutions. Elements of Planning: Planning as a managerial process consists of the following elements or components: 1. In thinking of objectives, alternative courses of action and, above all, in making decision for choosing certain alternatives, the planner goes through an intellectual process. The project charter should help the project team and the project sponsor to develop a common understanding of what the project is all about. In the course of execution of a plan, certain obstacles may crop up in midway and planning may require revision, alteration or correction. Some examples of long-term goals could be for a business to strengthen its hold on the local market, increasing profits, or expanding its operations and sales. Policies act as guidelines for taking administrative decisions. A strategic plan is a document that establishes the direction of an organization. A structure to gather key project data and turn it into readily digestible information. The rules prescribe a definite and rigid course of action to be followed in different business activities without any scope for deviation or discretion. It must be based on clearly defined objectives. before proceeding with the work. Thus, a rule may be incorporated in respect of purchase procedure that all purchases must be made after inviting tenders. Production procedure involves manufacturing and assembling of parts; sales procedure relates to advertising, offering quotations, securing and execution of orders; purchase procedure indicates inviting tenders, selecting quotations, placing orders, storing the goods in go-down and supplying them against requisition to different departments and personnel procedure is the recruitment, selection and placement of workers to different jobs. The language of the work schedule or programme in the planning should be simple so that each and every part of it may easily be understood by the employees at different levels, specially at the lower level. Disclaimer 9. Planning is said to be the most basic and primary function of management. The Emergency Action Plan takes into account each of the following EXCEPT _____. This is so because the manager decides upon the policies, procedures, programmes, projects, etc. Strategic planning is essential where there is competition. It anticipates future events and sets the course of action to control these events to one’s advantage. So, uniformity must be there in all levels of planning to match the general plan. The Joint Fires Element can be overwhelmed and the lethal targeting and fires function can be diluted if given staff responsibility for planning and integrating all nonlethal actions (e.g., reconstruction, engagement, reconciliation, etc. A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. Risk appetite B. TOS 7. They are the beliefs you have that will enable you to achieve your vision and mission. b. Innovation consists in creating something new for increasing satisfaction of the consumers. Planning is a function of every manager at every level in an enterprise. Want to Understand the Basic Job Description and Duties of a Manager? As such, it should communicate that dream to your employees and customers in an inspirational manner. All of the following elements should be included in a project scope statement EXCEPT. Policies provide the necessary basis for executive operation. In this process a hierarchy of objectives is created. 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