After formulating the basic and derivative plans, the sequence of activities is determined so that the plans are put into action. d. Choosing the planning strategy for the BOM. Planning prevents wastage of resources by choosing the best course of action from many alternatives. So, the planner must also be ready with alternative—normally known as contingency plan— that can help coping up with the changed situation. Planning requires scientific thinking and it should spell out in clear terms the definition of the purpose, analyse the problem and make a careful and diligent search for all the facts bearing upon it. Differences between or among stakeholders should be resolved in As the planning proceeds step by step, it foresees the changes likely to come and accordingly prepares its programme by necessary adjustments and adaptation. TRUE A typical change request form will include which of the following content items? Alternative course of action may be required to be undertaken in future in changed situations. Every lower-level plan serves as a means towards the end of higher plans. If another competitor is trying to expand its customer base, it is a threat as well. Planning involves selection of suitable course of action from several alternatives. Financial Planning: it’s Meaning, Importance and Elements – Discussed! Work Breakdown Structure. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. A project is a single-use plan which is a part of a general programme. The school and local law enforcement have developed a memorandum of agreement, (MOA), defining the roles and responsibilities of both. The process of developing a plan helps the manager (and the team) step back and examine where they are, where they want to go, and how they are most likely to get there. A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. Planning is the key to success of an organisation. Elements 5. The aspects of this changing environment include changes in technology, government policies, the nature of competition, social norms and attitudes etc. Elements of Planning: Planning as a managerial process consists of the following elements or components: 1. So, uniformity must be there in all levels of planning to match the general plan. The strong and weak points of every alternative should be analysed carefully. Budgets for various periods can be prepared to make plans more concrete for implementation. The important principles may be stated as follows: This means that certain resources must be committed or pledged for the purpose of planning. For example, if the organisational objective is profit earning, planning activity will specify how much profit is to be earned looking into all facilitating and constraining factors. A project involves basically the investment of funds, the benefits from which can be accrued in future. Disclaimer 9. What Daily Leadership Behaviors Inspire Employee Motivation? Risk threshold C. Risk urgency D. Risk tolerance. b. This provides an opportunity to set the objectives in real sense. Thus, control is exercised in the context of planning action as the standards against which actual results are to be compared are set up through planning. Since planning is concerned with the identification of alternatives and selection of the most favourable alternative, it may rightly be described as “the most basic tool of management functions.” Thus planning is a process of deciding the business targets and charting out a rational path of attaining those targets. Programming involves dividing into steps the activities necessary to achieve the objectives, determining the sequence between different steps, fixing up performance responsibility for each step, determining the requirements of resources, time, finance etc. Thus, various departments work in accordance with the overall plan, and coordination is achieved. Planning is directed towards efficiency. before proceeding with the work. Business forecasting refers to analysing the statistical data and other economic, political and market information for the purpose of reducing the risks involved in making business decisions and long range plans. There are seven basic elements of a strategic plan. Nature and Characteristics of Planning 3. Answer: A 9. This involves collection of facts and figures necessary for planning the future course of the enterprise. It anticipates future events and sets the course of action to control these events to one’s advantage. 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