Plus Two Commerce - Business Studies | Chapter 4 - Planning- Part 2 | Xylem Plus Two Commerce
Xylem Commerce Plus Two・2 minutes read
Planning is a crucial managerial function that involves setting objectives, identifying alternatives, evaluating them, selecting the best one, and implementing the chosen plan to achieve organizational goals efficiently and effectively. It also helps provide direction to all departments and specifies what the organization aims to achieve by developing premises, identifying alternative courses of action, and selecting the most feasible and profitable plan for implementation.
Insights
- Setting clear objectives is essential in planning as it guides departments and outlines organizational goals.
- Planning entails analyzing assumptions, exploring various options, and ultimately choosing the most viable strategy for execution, ensuring efficiency and effectiveness.
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Recent questions
What is the purpose of planning in management?
To decide tasks in advance for efficiency.
What are the key components of the planning process?
Setting objectives, identifying alternatives, evaluating, selecting, implementing.
How does planning contribute to organizational success?
By providing direction and specifying objectives.
What is the importance of developing premises in planning?
To base decisions on assumptions for feasibility.
How does planning help in decision-making?
By identifying alternatives and selecting the best course of action.
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Summary
00:00
Effective Planning: Key to Organizational Success
- Planning is a managerial function involving deciding in advance what, how, when, and by whom tasks will be done efficiently and effectively.
- The process includes setting objectives, identifying alternatives, evaluating them, selecting the best one, and implementing the chosen plan.
- Setting objectives is crucial as they provide direction to all departments and specify what the organization aims to achieve.
- Planning involves developing premises based on assumptions, identifying alternative courses of action, and selecting the most feasible and profitable plan for implementation.
