RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF PLANNING
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 organizational goal. For eg. When an organization introducing a new product, they think in advance about product.
The steps involved in planning process are:
- Be aware of opportunities and strength: When the process of business planning starts, firms analyses both internal and external environment. Internal environment helps in analysis of strength and weakness. External environment helps in analyses of technical, economical and other factors. In business organization when both the factors are analyzed it revels opportunities for business.
- Objectives and Goals: Formulation of objectives is the end function of planning process, it represents that for which organization is commenced, organized, controlled. The organizational objectives are formulated for the development of the business organization. The objectives which are formulated in organization provide direction for the achievement of organizational goal.
- Development of Premises: The next step in planning process is to planning premises. All the persons who are included in organization have common understanding regarding planning premises. The most important planning premises is Forecasting like; estimation of population, technology, product, employees, etc.
- Determining alternative courses: In business organization managers develop alternative courses which help in achievement of organizational goal.
- Evaluating alternative courses: Manager has to evaluate alternate courses which help in development of organization. It also helps to analyze strength and weakness and analysis of SWOT (Strength, Weakness, Opportunities and Threats).
- Selection of course: After evaluation of alternative courses, the manager has to select best course which helps on development and achievement of business goals.
- Formulation of derivatives plans: Manager has to formulate derivatives plan after finalizing and commence that plan into business which helps in development and achievement of organizational goals.
- Budgeting: Budgeting is the last and final step in planning process, it includes finalized business strategies in numerical terms and it includes financial, capital, sales, production budget or other budgets.