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November 29th, 2020

Foundation of Successful Action 11. Plans are prepared for a specific period of time. Planning contributes to Objectives: Planning starts with the determination of objectives. Planning is primary function of management: The functions of management are broadly classified as planning, organisation, direction and control. Following are the nature and characteristics of planning in business management: eval(ez_write_tag([[336,280],'googlesir_com-medrectangle-3','ezslot_0',105,'0','0']));Planning is the primary function of business management. Constitutional features. It is essential for the harmonious working of the organization. 5. Planning also focuses on accurate forecasts. For example – You may plan for your monthly test, your father may plan to set up new business, the CEO of a company may plan to launch a new product, a sales manager may plan to achieve his sales target, a worker may plan his production schedule etc. They anticipate future and incorporate changes in their actions to achieve organisational goals effectively. All individuals, all types of organisations and each level of management is involved in planning. This approach of planning indicates that the future course of action is influenced by the environment in which an organization operates. Planning is an integrated process – Planning involves not only the determination of objectives but also the formulation of sound policies, programmes, procedures and strategies for the accomplishment of these objectives. Explicit purposes are placed out in the projects along with the ventures to be initiated to accomplish the goals. Terry has aptly stated that “planning is the foundation of the most successful action of an enterprise.”, 7. Even so, forecasting does not bear compari­son with planning of the organization objectives. eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_1',101,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_2',101,'0','1']));Related: 10 Components or Elements of Planning (with Examples). Planning is the first of the managerial functions to be performed. Planning requires application of the mind involving foresight, intelligent imagination and sound judgement. Thus, for example, sales forecasting is the basis on which a business firm prepares its annual plan for production and sales. Hence, planning is a never ending activity. But, the “Course of action” can be determined only on the basis of knowledge of future events. Operational features. The planning process starts with the assumption that the future will be different from the present, and it attempts to determine how the enterprise can take the advantage of the difference. The features of planning are enumerated as follows: (a) Planning is Goal-Oriented/Provides Direction: Organisations are set up with a general purpose in view. It leads to in-depth study of a problem (or opportunity) to arrive at a best course of action. It lays down the base for other functions of management. It is not the function of one department only. Common to all (i.e., all pervasive) – Planning is a pervasive activity covering the entire enterprise with all its segments and levels. All sales plans will focus on markets in the eastern part. – In the planning process, a mental picture is made of all types of inputs, outputs and even structures which require knowledge, foresight, intelligent imagination and sound judgement, all parts of an intellectual process. Planning is a rational approach for defining where one stands at present, where one wants to go in future, and how to reach there. Planning has no meaning unless it contributes to the achievement of predetermined organisational goals. Planning Involves Decision Making 16. Behind a plan are actions aimed at focusing on certain set goals and undertake major tasks for their achievement. Planning is a useful exercise when it does contribute in some positive way to the accomplishment of desired objectives. No plan can be prepared without the knowledge of future events. It is thus clear that planning is helpful in the attainment of objectives. Planning depends upon the imaginative power, foresightedness, well-considered thinking, knowledge, and ability, etc. Planning is Basically, Decision Making. Importance 10. Planning is closely associated with the objectives of the organisation. Features of Planning. Planning is based upon the organisational objectives. 4. Planning is the fundamental function of management. Planning is flexible – The process of planning should be adaptable to the changes take place in the environment. Following are some other nature and characteristics of planning: Thus, now you know the nature and characteristics of planning in business. However, the degree of planning skills required will depend upon the manager’s position. At the end of the financial year, the actual results are compared with the forecast to evaluate business performance, and a new forecast for the new financial year is prepared. This is why those managers tend to succeed in planning who have conceptual skills (analytical thinking, vision, foresight, etc.). Pervasive – The scope of planning though differs at different levels in different conditions, it pervades at all times and in all departments and divisions. If a manager had foresight, vision and sound Judgment then he can prepare sound plans. Planning is Pervasive. Planning is basically a decision-making activity. Middle management does the departmental planning. vii. Features of Planning – Primary Function, Pervasive, Future Oriented, Goal-Oriented, Continuous, Intellectual Process, Aims at Efficiency and Flexible, Features (or Characteristics) of Planning – Intellectual Activity, Forward-Looking Process, Foundation of Successful Action, Conscious Process and a Few Others, Features of Planning – 7 Features of Planning (With Examples). The planning process has the following inherent characteristics: i. Its pervasiveness 4. 7. It is not a guess (or sudden) work. Planning is Futuristic 15. It means that a plan is framed, it is implemented and is followed by another plan and so on. Goal Oriented – Planning is an organisational process which predetermines the goals of the business organisation. 5. However, since business environment keeps on changing, planning should also provide for vary­ing mix of resources to meet a given situation. It lays down the ways and the means to achieve them. However, the nature and scope of planning is different at different organisations and level of management. Intellectual – In the planning process, a mental picture is made of all types of inputs, outputs and even structures which require knowledge, foresight, intelligent imagination and sound judgement, all parts of an intellectual process. Contents for Planning […] The scope of planning is wider than that of decision making. Planning thus, involves thorough examination and evaluation for each alternative and choosing the most appropriate one. A plan is really a synthesis of various forecasts. 3. Its primacy among the manager's tasks. Effective planning requires continuous monitoring of events for achiev­ing the desired goals. Here are 6 Features of Planning explained in detail in this article. A planner foresees opportunities and devises ways and means to take advantage from them. It implies peeping into the future, analysing it and predicting it. Various other activities of Management, like, Planning is an intellectual and mental activity since the best alternatives are selected in the. It is followed by organising, staffing, directing and controlling. The process of planning should be adaptable to changing environmental conditions. viii. If planning is not done, it will not be possible to start and successfully accomplish other activities also, the reason being that Planning builds the structure or outline for the execution of other functions of the management. After setting up of the objectives, planning decides the methods, procedures, and steps to take for the achievement of set objectives. 3. If planning does not contribute to accomplish the desired goals it has no meaning. Planning helps an organization to maintain a dynamic balance between the external environment and its objectives based on available human, physical, technological and financial resources.

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