PLANNING
Most of us plan many things in our life. We plan to go on a trip, plan our career, plan our investment and so on. Organizations are also not exception and a lot planning is done by the managers at all levels.
Meaning of planning:
Planning is a basic process through which, we used to select our goals and find out means to achieve them.Planning is basically a way of looking forward. It is just like foreseeing the future. It bridges the gap between where the organisation is and where it wanted to be. Before formulating a plan, lots of information is gathered and processed. In simple words planning is deciding in advance what to do, how to do it, when to do, and who should do it.
Purpose of planning:
A plan is important characteristic of business. It helps management to research their businesses development and provides a considered and logical framework within which a business can pursue for a period. It facilitates managers to control the events and cope with the changes in business environment. It offers a target against which actual performance can be measured and reviewed. A planned performance brings better results compared to unplanned one.