What is planning?

Kajalprety said:
Hey Guys i am Searching for Definition and Importance of Planning. Some one like to Share?
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Planning

Planning involves the process of defining goals, establishing strategies for achieving these goals, and developing plans to integrate and coordinate activities. Every organization needs to plan for change in order to reach its set goal. Effective planning enables an organization adapt to change by identifying opportunities and avoiding problems.

It provides the direction for the other functions of management and for effective teamwork. Planning also enhances the decision-making process. All levels of management engage in planning in their own way for achieving their preset goals. Planning in order to be useful must be linked to the strategic intent of an organization. Therefore, planning is often referred to as strategic in nature and also termed as strategic planning.


(b) Planning is important for the following reasons:
• It helps the management to clarify, focus, and research their businesses or project's
development and prospects.
• It provides a considered and logical framework within which a business can develop
and pursue business.
• It offers a benchmark against which the actual performance can be measured and
reviewed.
• It plays a vital role in helping to avoid mistakes or recognise hidden opportunities.
• In the business context, it guides the development of products, management,
finances, and most importantly, markets and competition.
• It helps in forecasting the future and makes the future visible to some extent.
• It bridges between where we are and where we want to go
 
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