Planning In Business Management

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Planning has again gained importance because of uncertain and constantly changing business environment.

In the absence of planning, it may not be impossible but certainly difficult to guess the uncertain events of future.

In this way, the risk of future uncertainties can be minimised.

For example, in order to fix a sales target a survey can be undertaken to find out the number of new companies likely to enter the market.

(5) Planning Facilitates Decision Making: Decision making means the process of taking decisions.

Under it, a variety of alternatives are discovered and the best alternative is chosen. It also lays down the criteria for evaluating courses of action. (6) Planning Establishes Standards for Controlling: By determining the objectives of the organisation through planning all the people working in the organisation and all the departments are informed about ‘when’, ‘what’ and ‘how’ to do things.

Now all the departments, e.g., purchase, personnel, finance, etc., will decide their objectives in view of the sales target.

In this way, the attention of all the managers will get focused on the attainment of their objectives.

He will think like this: Should some other varieties of the existing products be manufactured?

Should retail sales be undertaken along with the wholesales?

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