BASIC NOTES INTRODUCTION DEFINITIONS CONCEPT OF PLANNING BUSINESS STUDIES

BASIC NOTES INTRODUCTION DEFINITIONS CONCEPT OF PLANNING BUSINESS STUDIES

Here, we are trying to provide you 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 INTRODUCTION DEFINITIONS CONCEPT OF PLANNING BUSINESS STUDIES
BASIC NOTES INTRODUCTION DEFINITIONS CONCEPT OF PLANNING BUSINESS STUDIES

Meaning of Planning

You have just studied the plans of the Gas Authority of India Limited (GAIL). It is one of our managing public sector organizations. The plans discussed by the Chairperson of GAIL are the actual plans of the company and how they would like to go about achieving their objectives. Of course, these are broad statements given by the company, and they have to be broken down into actions for implementation.

This is an example of a company in the public sector with a nationwide reach striving to be one of the f top companies in India. Furthermore, every organization whether it is government-owned, a privately owned business, or a company in the private sector requires planning. The government makes five-year plans for the small country business has its plans, while other companies have big plans, sales plans, production plans. All of them have some plans.

All business firms would like to be successful, raise their sales and earn profits. All managers dream of these and attempt to achieve their goals. But to turn these dreams into reality the executives need to work hard in thinking about the future, making business forecasts, and achieving targets. Dreams can be turned into reality only if business managers believe in advance about what to do and how to do it. This is the essence of planning.

Each organization whether it is a government-private business or small business-man needs planning. To turn their dreams of expansion in sales, earning high profit and getting in success in business and businessmen have to think about future; make predictions and achieve the target. To choose what to do, how to do and when to do they do planning.

Definitions of Planning by Different Authors

Planning is the thinking process, the organized foresight, the vision based on facts and experience that is required for intelligent action” by Alfred and Beatty

“Planning is the function that determines in advance what should be done. It consists of selecting the enterprise objectives, policies, programmes, procedures, and other means of achieving those objectives. In his planning, the manager must decide which of the alternative plans are to be followed and executed. Planning is intellectual. It is mental work. It is looking ahead and preparing for the future” by Theo Halmann

“Planning is chalking out the plan of action i.e, the result envisaged in the line of action to be followed, the stages to it through the methods to use” by Fayol

Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap from where we are to where we want to go. It makes it possible for things to happen” by Koontz and Odennell

Concept of Planning

Planning is determining in advance what to do and how to do it. It is one of the fundamentals of managerial functions. Before doing something, the manager must express an idea of how to work on a particular task. Thus, planning is almost connected with creativity and innovation. But the manager would first have to set goals, only then will a manager know where he has to go. Planning seeks to connect the gap between where we are and where we want to go. Planning is what all the managers at all levels do. It wants to take decisions since it involves choosing from alternative courses of action.

So, planning involves fixing the goals and developing appropriate courses of action to perform these objectives. Objectives give direction for all managerial decisions and actions. Planning gives a reasonable approach for achieving predetermined objectives. All members, therefore require to work towards achieving organizational goals. The goals set targets that need to be achieved and against which act performance is measured. Therefore, planning means setting objectives and targets and expressing an action plan to perform them. It is concerned with both ends and me i.e., what is to be done and how to be done.

The plan i.e., develop has to have a given time frame but is a limited resource. It needs to the utilized judiciously. If time is not taken into considering the situations in the environment may vary and all business plans may go to waste. Planning will be a worthless exercise if it is not acted upon or implemented.

Do you think from the above we can formulate a full definition of planning? One of the ways to do so would be to define planning as setting objectives for a given period, expressing various courses of action to achieve them, and then selecting the best possible alternative from among the different tracks of activity available.

Here, we are trying to provide you 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

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