Chapter-3 Planning (Business Studies)
Chapter-3 Planning Concept of planning Planning is the process of thinking in advance about what is to be done, how it is to be done, when it is to be done, and who is to do it. It involves setting objectives and deciding the best course of action to achieve those objectives effectively and efficiently .It is the primary and fundamental function of management, because all other managerial functions like organizing, staffing, directing, and controlling depend on planning. According to W.H Newman ” Generally speaking, planning is deciding in advance what is to be done.” Planning involves gathering and analyzing information, forecasting future conditions, evaluating alternatives, and choosing the best possible option. It helps in reducing uncertainty and preparing for changes in the environment. Planning provides a clear sense of direction to the organization, helps in optimum utilization of resources, and ensures that efforts of all members are coordinated...
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