BASIC NOTES IMPORTANT OF PLANNING BUSINESS STUDIES

BASIC NOTES IMPORTANT OF PLANNING BUSINESS STUDIES

Here, we are trying to provide you with some information about basic notes for business studies, business studies tutorials, CBSE business studies notes for class 11 class 12 BBA MBA BCA MCA B.com M.com BMS MMS PGDM Entrepreneur other further management classes.

Today, we are going to provide a business environment in management notes CBSE study material for commerce students to become great and better managers in any organization. Previously, we studied BASIC NOTES NATURE SIGNIFICANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CHARACTERISTICS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CONCEPTS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES OBJECTIVES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES IMPORTANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES LEVELS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES SIGNIFICANCE PRINCIPLES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES TAYLOR SCIENTIFIC MANAGEMENT for BUSINESS STUDIESBASIC NOTES PRINCIPLES OF SCIENTIFIC MANAGEMENTBASIC NOTES TECHNIQUES OF SCIENTIFIC MANAGEMENT, BASIC NOTES FAYOL PRINCIPLES OF MANAGEMENT, BASIC NOTES INTRODUCTION OF BUSINESS ENVIRONMENT, BASIC NOTES FEATURES THE NATURE OF THE BUSINESS ENVIRONMENT, BASIC NOTES IMPORTANCE OF THE BUSINESS ENVIRONMENT, BASIC NOTES DIMENSIONS OF THE BUSINESS ENVIRONMENT, BASIC NOTES ECONOMIC ENVIRONMENT INDEPENDENCE IN INDIA, BASIC NOTES IMPACT OF CHANGES IN ECONOMIC POLICY ON THE BUSINESS, BASIC NOTES INTRODUCTION DEFINITIONS CONCEPT OF PLANNING BUSINESS STUDIES, BASIC NOTES IMPORTANT OF PLANNING BUSINESS STUDIES

BASIC NOTES IMPORTANT OF PLANNING BUSINESS STUDIES

You must have seen in films and advertisements how managers draw up plans and make powerful presentations in cabinet rooms. Do those plans work? Does it improve efficiency? After all, why should we plan? These are many questions to which we would like to find answers.
Planning is certainly essential for where to go, gives direction, and reduces the risk of uncertainty by fixing predictions. The main advantages of planning are given below:

Planning Provides Directions

By declaring in advance how to work is to be done planning provides direction for action. Planning ensures that the goals or objectives are clearly stated so that they act as a lead for deciding what activity should be taken and in which direction. If goals are well defined, employees are knowledgeable of what the organization has to do and what they must do to accomplish those goals. Departments and individuals in the company can work together. If there is no planning, workers would be working in separate directions and the organization would not be ready to accomplish its desired goals.

Planning is involved with a decided course of action. It provides directions to the efforts of workers. Planning gets clear what employees have to do, how to do etc.

By declaring in the process how work has to be done in planning provides direction for action. Employees get in advance in which direction they have to perform. This leads to Unity of Direction also. If there were no planning, employees would be operating in different directions and the company would not be able to reach its desired goal.

Planning Reduces The Risk of Uncertainties

Planning is an exercise that enables a manager to look forward and expect changes. By deciding, in progress the duties to be performed, it shows in the way how to deal with changeable and unchangeable events. Changes or events cannot be rejected but they can be foreseen and managerial replies to them can be developed.

Companies have to face many uncertainties and unexpected conditions every day by day. Planning helps the manager to face all uncertainty because executives try to predict the future by making any assumptions about the future keeping in mind their past experiences and scanning of business environments. The plants are made to overcome such uncertainties. The plans also include expected risks such as fire or some other calamities in the organization. The resources are maintained aside in the plan to meet such uncertainties.

Planning Reduces Over Lapping And Wasteful Activities

Planning helps the basis for coordinating the activities and efforts of many divisions, departments, and individuals. It helps in evading confusion and misunderstanding. Since planning ensures clarity in understanding and action, work is carried smoothly without any interruptions. Useless and redundant activities are decreased or dismissed. It is easier to glimpse inefficiencies and take corrective measures to deal with them.

The organizational plans are made keeping in mind the conditions of all the departments. The departmental plans are derived from the main organizational plan. As a result, there will be coordination in other departments. On the other hand, if the managers, non-managers, and all the employees are following the course of action according to plan then there will be integration in the activities. Plans ensure clarity of ideas and action and work can be carried out smoothly.

Planning Promotes Innovative Ideas

Since planning is the first part of management, new ideas can take the shape of definite plans. It is the hardest activity for the management as it guides all the future actions leading to the growth and wealth of the business.

Planning needs high thinking and it is an intellectual process, so there is a great scope of finding better ideas, better methods, and strategies to achieve a particular job. The planning process pushes the managers to think differently and accepts future conditions. So, it creates the executives innovative and creative.

Planning Facilitates Decision Making

Planning helps the leader to look into the future and make an option from amongst different alternative courses of action. The manager has to consider each option and select the most likely proposal. Planning affects the set of targets and forecasting future conditions, thus helping in accepting rational decisions.

Planning helps the leaders to take different decisions. As in planning goals are set in advance and forecasts are made for the future. These forecasts and goals help the manager to take quick decisions.

Planning Establishes Standards For Controlling

Planning involves the setting of goals. The whole managerial process is involved with achieving predetermined goals through planning, organizing, staffing, directing, and controlling. Planning gives the goals or criteria against which actual performance is measured. By comparing actual performance with some standards, managers can know whether they have been able to attain the goals. If there is any variation can be corrected. Therefore, we can say that planning is a requirement for controlling. If there were no goals and standards, then finding deviations which are a part of control would not be possible. The character of corrective action needed depends upon the scope of variations from the standard. Therefore, planning provides the basis for control.

Today, we are going to provide a business environment in management notes CBSE study material for commerce students to become great and better managers in any organization. Previously, we studied BASIC NOTES NATURE SIGNIFICANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CHARACTERISTICS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CONCEPTS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES OBJECTIVES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES IMPORTANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES LEVELS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES SIGNIFICANCE PRINCIPLES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES TAYLOR SCIENTIFIC MANAGEMENT for BUSINESS STUDIESBASIC NOTES PRINCIPLES OF SCIENTIFIC MANAGEMENTBASIC NOTES TECHNIQUES OF SCIENTIFIC MANAGEMENT, BASIC NOTES FAYOL PRINCIPLES OF MANAGEMENT, BASIC NOTES INTRODUCTION OF BUSINESS ENVIRONMENT, BASIC NOTES FEATURES THE NATURE OF THE BUSINESS ENVIRONMENT, BASIC NOTES IMPORTANCE OF THE BUSINESS ENVIRONMENT, BASIC NOTES DIMENSIONS OF THE BUSINESS ENVIRONMENT, BASIC NOTES ECONOMIC ENVIRONMENT INDEPENDENCE IN INDIA, BASIC NOTES IMPACT OF CHANGES IN ECONOMIC POLICY ON THE BUSINESS, BASIC NOTES INTRODUCTION DEFINITIONS CONCEPT OF PLANNING BUSINESS STUDIES, BASIC NOTES IMPORTANT OF PLANNING BUSINESS STUDIES

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