POWER POINT PRESENTATION

NAME:MONI.M OPTION:COMMERCE

CANDIDATE CODE: 19014392013

NATURE AND CONCEPT OF PLANNING

THE PLANNING FUNCTIONS OF MANAGEMENT

It is the basic management function which includes formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.

• Planning is important in management because it provides security and organization to the company.

• A manager needs to plan the expectation and regulations that the company needs.

WHAT IS PLANNING ?

Planning (is also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal.

• Planning is basic or primary function of management.

• Planning is the process of setting goal and selecting best course of action to reach the goal. It is looking ahead.

• Planning is deciding in advance, what to do, who is to do, how to do and when to do.

• Planning bridge the gap between where we are and where we want to go.

• Planning provides target, they allocate resources in a coordinate manner.

• Planning also solve as standard for control.

• Planning is a mental exercise and intellectual process.

• Planning may be long term and short term.

• Planning may be strategic, tactical, and operational.

WHAT ARE THE CHARACTERISTICS OF PLANNING

• Intellectual process Planning is mental exercise and

intellectual process.

• Future oriented Planning is always future oriented.

• Goal focused Planning aims to achieve goal in

future.

• Pervasiveness of plan Planning is needed at all level of

management.

• Increase efficiency Planning increase efficiency. Planning aims

to achieve goals at low cost.

• Decision making planning and decision making are

interrelated. Planning is selecting right course of action to reach the goal.

WHAT ARE THE DIFFERENT BARRIERS TO EFFECTIVE PLANNING ?

• Planning is an expensive and time consuming process :-

It involves significant amount of money, energy also risk, with out any assurance of the fulfillment of the organization's objectives.

• Planning restricts the organization to the most rational and risk free opportunities:-

It curbs the initiative of the manager and forces him to operate with in the limits set by it.

• The scope of planning is said to be limited in the case of organization with rapidly changing situations:-

For example, it is claimed that for industries producing fashionable articles or for industries engage in the publication of text books, working on a day to day basis is more economical than plan basis.

• Flexibility of planning cannot be maintained when there are unforeseen changes in the environment:-

Such as business recession, change in the government policy, crop failure etc. when such events take place, the original plan loses its value and there is a need to draw up a fresh plan.

• Another limiting factor in planning is the difficulty of formulating accurate premises:-

Since these premises are the background against which a set of plan is made, they necessarily deal with the future. Since the future cannot be known with accuracy, premising must be subject to a margin of error.

• Planning may sometimes face people’s resistance to it:-

In old, established organization, manager are often frustrated in instituting a new plan simply by the unwilling or inability of people to accept it.