What are the functions and importance of planning in management?
Understand the Problem
The text provides detailed information about the function of planning in management, its definitions, importance, and characteristics of a good plan. It emphasizes that planning involves deciding in advance what actions to take and outlines the importance of effective planning in achieving goals and utilizing resources efficiently.
Answer
Setting objectives, determining course of action, forecasting, setting informed goals, reducing uncertainty, eliminating waste, promoting innovation, improving decision-making.
The functions of planning in management are setting objectives and determining a course of action for achieving those objectives, which includes forecasting future conditions, setting informed goals, reducing uncertainty, eliminating waste, promoting innovation, and improving decision-making.
Answer for screen readers
The functions of planning in management are setting objectives and determining a course of action for achieving those objectives, which includes forecasting future conditions, setting informed goals, reducing uncertainty, eliminating waste, promoting innovation, and improving decision-making.
More Information
The planning function is key to all other management activities, providing a framework within which decisions are made and resources are allocated.
Tips
A common mistake is not considering the environmental conditions and future trends when planning; this leads to ineffective goal setting and actions.
Sources
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