Planning

Lesson

Part 1 — what planning is, its features, why it matters and its limitations.

In this lesson you will

Explain the meaning of planning and why it is the primary function of management
Identify the features of planning in business situations
Explain the importance of planning and link it to controlling
Identify the limitations of planning in a case and suggest how to reduce them

Part 1 at a glance

Concept

What is planning?

Planning is deciding in advance what is to be done, how, when and by whom, so that the organisation reaches its goals.

Planning decides these in advance.
A plan answers…	Example: an imagined juice brand in Nashik
What is to be achieved?	Sell 2 lakh bottles this summer
How will it be done?	Supply college canteens and gyms
When?	March to June
Who will do it?	Two new sales executives under the sales head

Concept

Planning comes first: the other functions of management are carried out to fulfil the plan.

Every other function serves the plan