Chapter IV - Planning

Question 1

Meaning of Planning

Answer 1

It refers to the process of deciding what to do and how to do it in advance.

Question 2

Importance of Planning

Answer 2

i. planning provides directions
ii. it reduces the risk of uncertainty
iii. it reduces overlapping and wasteful activities
iv. it promotes innovative ideas
v. it facilitates decision making
vi. it establishes standards for controlling

Question 3

Features of Planning

Answer 3

i. planning helps in achieving objectives
ii. it is a primary function of management
iii. it is all pervasive
iv. it is futuristic
v. it is continuous
vi. involves decision making
vii. planning is a mental exercise

Question 4

Limitations of Planning

Answer 4

i. planning leads to rigidity
ii. it might not work in a dynamic environment
iii. it reduces creativity
iv. it involves huge costs
v. it is a time-consuming process
vi. it does not guarantee success

Question 5

Planning Process

Answer 5

i. setting objectives
ii. developing premises
iii. identify alternative course of action
iv. evaluating alternative courses
v. selecting an alternative
vi. implementing the plan
vii. follow up action