Planning is a process for accomplishing purpose. It is blue print of business growth and a road map of development. It helps in deciding objectives both in quantitative and qualitative terms. It is setting of goals on the basis of objectives and keeping in view the resources.
What should a plan be? A plan should be a realistic view of the expectations. Depending upon the activities, a plan can be long range, intermediate range or short range. It is the framework within which it must operate. For management seeking external support, the plan is the most important document and key to growth. Preparation of a comprehensive plan will not guarantee success, but lack of a sound plan will almost certainly ensure failure.
Purpose of Plan Just as no two organizations are alike, so also their plans. It is therefore important to prepare a plan keeping in view the necessities of the enterprise. A plan is an important aspect of business. It serves the following three critical functions:
Helps management to clarify, focus, and research their business's or project's development and prospects. Provides a considered and logical framework within which a business can develop and pursue business strategies over the next three to five years. Offers a benchmark against which actual performance can be measured and reviewed. Importance of the planning Process A plan can play a vital role in helping to avoid mistakes or recognize hidden opportunities. Preparing a satisfactory plan of the organization is essential. The planning process enables management to understand more clearly what they want to achieve, and how and when they can do it.
A well-prepared business plan demonstrates that the managers know the business and that they have thought through its development in terms of products, management, finances, and most importantly, markets and competition.
Planning helps in forecasting the future, makes the future visible to some extent. It bridges between where we are and where we want to go. Planning is looking ahead.
According to Henry Fayol there are 14 principal functions of management and they are as follows:
Division of labor is the first principal function of management which means that tasks are assigned in consideration to the specialization of the individuals. Secondly, authority which deals with the rights to issue the commands. Thirdly, Discipline which deals with the rules that employees must obey. Fourth and fifth principal functions of management are the unit of command and unit of direction. For considering the goals of the organization, seventh principal function is the goal of subordinate interest. Eighth function is remuneration because payment always brings motivation in employees. Some other functions of management include centralization, scalar chain, order, equity, initiatives etc.
Management refers to the process of Planning, organizing, leading and controlling of resources in an organization, for achievement of set goals. Thus, the four management functions are: - Planning: Is the management process through which goals are set, strategies are developed and tasks and schedules are outlined for the accomplishment of these goals. - Organizing: Is the management process that deals with arranging the organizational resources in such a manner that they help in achievement of goals. - Leading: Is the management process of directing the resources of the organization for the achievement of goals. - Controlling: Is the management function through which a manager sets benchmarks and standards and then compares the performance against these benchmarks and if required, takes corrective action.
Management is the procedure of competently achieving association objectives with and from side to side people. To achieve its purpose, management characteristically requires the coordination of a number of very important components that we call functions. The primary functions of management are preparation for example, establishing aim and association formative what actions will achieve that aim, most important make sure that the correct people are on the work with suitable skills and incentive them to high output, and scheming monitoring actions to ensure that goals are met.
When these four functions work in a harmonized fashion, we can say that the association is heading in the correct way toward achieving its objectives. General to any attempt to achieve objectives are three elements, aim, limited assets, and people. In any discussion of management, one must identify the importance of location goals. Association goals are basic because any actions undertaken must be straight in the direction of some end.
Limited resources are a reality of association life. Economic resources, by meaning, are limited. Therefore, the manager is liable for their allocation. The third and last necessary for management is the need for two or more people. Managers carry out their work with and from side to side people. They carry out their tasks through four critical actions, preparation, association, and scheming.
Management is a science and also an art which create or to achieve the objectives of an organization , management function is planning, staffing. Leading directing and controlling
