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Concept of Planning in Management

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Questions and Answers

What is planning according to the text?

Planning is deciding in advance what to do and how to do. It is closely connected with creativity and innovation.

How is planning related to setting objectives?

Planning involves setting objectives and developing appropriate courses of action to achieve these objectives. Objectives provide direction for all managerial decisions and actions.

What does planning seek to bridge the gap between?

Planning seeks to bridge the gap between where we are and where we want to go.

What is the significance of time in planning?

The plan developed has to have a given time frame, and time needs to be utilized judiciously as it is a limited resource. If time factor is not taken into consideration, business plans may go waste. Signup and view all the answers

Why is planning concerned with both ends and means?

Planning is concerned with both ends and means, i.e., what is to be done and how it is to be done, to achieve predetermined objectives. Signup and view all the answers

What is the primary purpose of planning?

Setting objectives and developing courses of action to achieve them Signup and view all the answers

Why is it important for a manager to set objectives before planning?

To provide direction for managerial decisions and actions Signup and view all the answers

What does planning seek to bridge the gap between?

Current performance and organizational goals Signup and view all the answers

What is the significance of time in planning?

Time needs to be utilized judiciously as it is a limited resource Signup and view all the answers

How does planning relate to organizational goals?

By setting objectives and targets to achieve them Signup and view all the answers

Study Notes

What is Planning?

Planning is the process of determining and selecting goals and actions to achieve them.

Planning and Objectives

Planning is closely related to setting objectives, as it involves setting specific, measurable, and achievable goals.

Bridging the Gap

Planning seeks to bridge the gap between where an organization is currently and where it wants to be in the future.

Time in Planning

Time is a crucial factor in planning, as it involves allocating time and resources to achieve specific goals within a certain timeframe.

Ends and Means

Planning is concerned with both ends (goals) and means (actions) to achieve those goals.

Primary Purpose of Planning

The primary purpose of planning is to facilitate decision-making by identifying alternative courses of action and choosing the best option.

Importance of Setting Objectives

It is essential for a manager to set objectives before planning to ensure that efforts are focused on achieving specific, measurable goals.

Relating to Organizational Goals

Planning is a crucial aspect of achieving organizational goals, as it involves determining the actions needed to achieve those goals.

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Description

Learn about the concept of planning in management, which involves deciding in advance what to do and how to do it. Understand the basic managerial function of planning, its connection with creativity and innovation, and the importance of setting objectives.