Define Planning In Business

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Goals represent an end state — the targets and results that managers hope to achieve.

Action statements represent the means by which an organization goes ahead to attain its goals.

Likewise, planning and controlling are inextricably bound up.

Control without a plan is meaningless because the plan provides the basis or standard of control.

Plans are efficient if they achieve their objective at a reasonable cost when such a cost is the measure not only in terms of time, money or production but also in terms of satisfaction of the individual or group.

Both conceptual and practical reasons are put forward in support of planning.

So planning will also define all the future functions of management.

We have already been introduced to five essential managerial functions, namely, planning, organizing, staffing, leading and controlling.

There would be no need for planning if material, financial and human resources were unlimited and cheap.

Planners in both private business and public agencies are challenged to stretch their limited resources through intelligent planning.

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