What Is Formal Planning?


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Planning is one of the four main functions performed by a Manager. It is the main activity behind the operations of a business. Planning is a formal procedure whereby a goal or objective is set and then a strategy is made to accomplish that goal or objective. It also serves as a document for allocation of resources.

Formal Planning helps the organization and its managers set a benchmark through which they measure their performance. It is the logical framework through which long term and short term strategies are made.

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