Planning is the one of the importance function of management.Which is determine and forecasting of all elements of Business.In simple words, it is deciding in advance what is to be done, when where, how and by whom it is to be done.
Definitions of Planning:
- “Planning is an intellectual process, conscious determination of course of action, the basing of decision on purpose, facts and considered estimates.”__ Koontz and O’ Donnell.
- “Planning is the thinking process, the organized foresight, the vision based on fact and experience that is required for intelligent action.”__Alford.
- “A plan is a trap laid to capture the future.”__Allen.
Nature of Planning:
It involves choosing the proper course of action from among alternatives & calls for decision-making which is an intellectual process. Change in environment bring opportunities, and involved risk as well. It is the task of planner to take advantage of opportunities and minimize the risk.
It is continuous process:
Management is a dynamic process and planning as its function cannot be an exception to it. More over as plans beget a number of sub-plans and since plans have to be revised in the light of changing environment.
It is flexible:
As already pointed out, while planning, any one of the available alternatives is selected. Planning selects the best alternatives based on certain assumptions. There is a possibility of dead log in the functions of the management. Planning has one more alternative to suit future situations.
It follows, therefore, that every plan must contribute in some positive way to the accomplishment of group objectives. It has no meaning without being related to goals and objectives. It must bridge the gap between where we are and where we want to go at the minimum cost.