What is Planning in Management?
Planning is an important part of management. because it directs the employees that what he has to do and how he has to do? Planning also helps to identify the skills and ability of the employees. if the management of the organization is good then achieving the goals became easy.
Importance of Planning in Business
- Planning helps the organization to improve the Performance of the employees.
- Planning helps to achieve the objectives of the organization.
- Planning reduces the risks of failure involved in business activities.
- Planning helps to take the effective decision to the organization.
- Planning improves control of the employees.
- Planning improves the motivations of the employees.
- Planning encourages managers to take innovative decisions.
- Planning helps to assume or predicate the future.
- Planning facilitates proper coordination among the employees.
Characteristics of Planning in Management
- Planning is the primary function of management. Planning is the first for the managers in order to achieve the goal of the organization.
- Planning focuses on objectives. When the manager started planning he take cares of objectives that how he can achieve it.
- Planning is a Continuous Process. Planning work continuously because whenever the manager makes any policy, he needs a proper plan to achieve it.
- Planning is Futuristic. Manager analyzes and predicts the future requirement of the consumers and make plans to take care of it.
- Planning is Flexible. it changes according to the situation of the organizations.
Type of Planning in Management
Operational Planning means plans for day to day works. This types of plan basically made to achieve the daily goals of the organizations. The operational plans help to control the employees, This plan targets the lower staffs of the organizations.
Strategic Planning made in order to achieve the long term goal of the organizations. it is made by the top level executives of the organizations. Essentially, strategic plans look ahead to where the organization wants to do see the organization in the upcoming three, five, even ten years.
Tactical planning supports strategic plans by helping it into specific plans. Tactical Plans helps strategic plans to achieve. Tactical Plans is made for the lower staff of the organization that how to plan for lower staff in order to achieve to long term goal of the company.