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Planning : Meaning, Features, and its Importance

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In this article  we will study Planning : Meaning, Features, and its Importance. we will discuss about Planning, Its meaning ,features and importance of planning. All organisations whether it is government, private or small business but it required planning.For achievement of goal they decide what,how and when to do they do planning.

MEANING of Planning : Planning : Meaning, Features, and its Importance

Planning means thinking in advance what to do, how to do and when to do and by whom it should be done. It also means , planning is abridges or gap between where we stand today and where we want to reach. It helps management to think in advance and help them to achieve organisational goal.

Planning : Meaning, Features, and its Importance

 

Definitions of Planning by different authors :

 

  • “Planning is the thinking process, the organised foresight, the vision based on facts and experience that is required for intelligent action”.                                                                                                                                                                                                              – Alfred and Beatty.
  • “Planning is chalking out plan of action, i.e., the result envisaged in the line of action to be followed, the stages to go through the methods to use”.                                                                                                                                                                                                                               – Fayol.
  • “Planning is deciding in advance what to do, how to do, and who is to do it. Planning bridges the gap from where we are to where we want to go. It makes it possible for things to happen”.                                                                                                                        – Koontz and Odennell.

 

Features/ Nature / Characteristics of Planning :

 

  1. Planning contributes to objectives When we commence business, it starts with planning and setup of objectives of organisation. After setting up of objectives, planning decided its methods, procedures, and steps for achievement of  its objectives.
  2. Planning is futuristics/Forward looking – Planning always means futuristic function. It is never done for past.In planning we decided that how organisation works which helps them to achieve organisational  goal for future.
  3. Continuous  process – Planning is a continuous process which never end and planner keep making changing in plans according to the requirement of company.
  4. It is a mental exercise – Planning process is a mental exercise which required higher thinking. It required what, when and hoe is to be done.

 

Importance of Planning :

 

  1. Planning provides direction : Planning process provides direction to the employees. In starting of the business planning provides direction that what and how work  has to be done.
  2. Reduces riskIn organisational  planning in advance reduces risk of uncertainties. The plans are made to overcome such uncertainties.
  3. Promote Innovative Ideas It required high thinking  and it is  an intellectual process. so, there is a great scope of  finding better ideas, methods and procedures.
  4. Facilitates decision making :  Planning helps managers ti take various decision which helps to achieve organisational goal. It helps managers to take  suitable decisions for organisation.

 

Also Read: Difference between Macroeconomics and Microeconomics with its comparison.

 

Limitations of Planning :

 

  1. It involves huge cost – Planning process involves huge coat because  company needs  professional  experts to carry on this process and get innovative ideas from them.
  2. Time Consuming – Planning process is a time consuming process because it takes long time to select the best one and it consume more time to develop planning premises.
  3. Planning does not guarantee success –  In business process planning is  done by  its employees and they estimated to achieve organisational goal but plan doesn’t succeed every time, some time it fails due to any reason so, planning doesnot guarantee success.

so we have studied Planning : Meaning, Features, and its Importance. also we have discussed about Its meaning ,features and importance of planning.

If you have any queries , please let us know in the comments section.

 

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