PLANNING Flashcards
1
Q
What is planning
A
Planning is deciding what to do when to do and how to do
Planning refers to the process of setting objectives, identifying alternatives and selecting the best one,
2
Q
Features of planning
A
It is primary function of management It’s basic objective is to set objectives It is continuous It is futuristic It is pervasive It involves decision making
3
Q
Importance of planning
A
It provides direction Reduces the risk of uncertainty Promotes innovative ideas Reduces overlapping of resources Helps in setting standard for controlling
4
Q
Disadvantages of planning
A
It reduces creativity of employees It leads to rigidity in managers It doesn’t work in dynamic environment It doesn’t guarantee success It is costly It is time consuming
5
Q
Steps of planning
A
Setting objectives Developing premises Identifying different courses of action Evaluating the different courses of action Selecting the best alternative Implementing the plan Follow up action
