Definition of Planning:
•Planning is the first managerial function to be performed. It is concerned with deciding in advance what is to be done in future, when, where and by whom it is to be done. It is a process of thinking before doing.
“Without the activities determined by planning, there would be nothing to organize, no one to activate and no need to control”.
George R. Terry
Question 1: How do managers plan?
ØPlanning
–The process of setting objectives and determining how to best accomplish them.
ØObjectives
–Identify the specific results or desired outcomes that one intends to achieve.
ØPlan
–A statement of action steps to be taken in order to accomplish the objectives.
ØSteps in the planning process:
–Define your objectives.
–Determine where you stand vis-à-vis objectives.
–Develop premises regarding future conditions.
–Analyse and choose among action alternatives.
–Implement the plan and evaluate results.
ØBenefits of planning:
–Improves focus and flexibility.
–Improves action orientation.
–Improves coordination.
–Improves time management.
–Improves control.
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