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Planning allocates these resources over different objectives and functional areas (production, personnel, finance and marketing) in the order of priority. This results in the optimum utilization of scarce organizational resources (men, material, money etc.) and their effective conversion into productive outputs.
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Beta15.1 Learning Objective . 15.2 Introduction . 15.3 Definitions . 15.4 Types of Plans . 15.5 Is planning Process . 15.6 Objectives of Planning . 15.7 Summary . 1.1 Learning Objectives . After completing this module, you will be able to: To know about Planning, its meaning and importance; To learn the types of planning based on different ...
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Beta3. Objectives: The stated objectives represent concrete actions needed to achieve the aspirations or steps required to reach predetermined destinations. From the aforementioned definitions, purpose supersedes goals, which, on the other hand, supersedes objectives. Purpose and goal also tend to be general and abstract concepts while objectives are not only specific and concrete but also measurable.
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BetaPlans are of many times types and are formulated to achieve specific purposes or all purpose plans. There are 7 elements of planning: 1) Objectives 2) Policies 3) Procedures 4) Rules 5) Budget 6) Programs 7) Strategies. A successful plan should be flexible in nature and subject to improvement. It should also be subject to enforcement to be ...
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BetaFeatures of Planning. By analyzing the above meaning and definition, we can reveal the following features of planning: 1. Planning Focuses on Achieving Objectives: Planning is a goal-oriented work because its purpose is to achieve organizational objectives quickly and economically. These objectives are purposeful, as they provide basic guidelines for planning activities by identifying the ...
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BetaPlanning is the most basic of all managerial functions. It is the process by which managers establish goals and define the methods by which these goals are to be attained. Planning involves selecting missions and objectives and the actions to achieve them; it requires decision making, which is choosing from among alternative future courses of…
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BetaPlanning dimensions include the relationship between management and organisational objectives, individual versus organisational objectives, operational, objectives and management by objectives. This also throws light on strategic planning, decision-making process, various types of plans and planning tools, available to managers.
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BetaPlanning acts as a link between what an organisation is and where it needs to go. Planning provides a basis for action by making explicit intentions and priorities. Every plan must have a purpose. The following objectives help ensure that planning aligns actions with measurable success, fosters resilience, and supports long-term competitiveness.
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BetaWhat is Planning? Planning is the primary function of management that involves formulating a future course of action for accomplishing a specific purpose. Planning enables managers to decide what task to do, how to do the task, when to do the task and by whom the task has to be done.
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Betamajor aspects of planning: a. Contribution to purpose and objectives, b. Primacy of planning, c. Pervasiveness of planning, and d. Efficiency of plan 1.2.3 The Importance of Planning The planning function has four important goals: a) To offset uncertainty and change. b) To focus attention on objectives, c) To gain economical operation, and
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