Management Notes

Reference Notes for Management

Principles of Planning – Concept of Planning | Principles of Management

Principles of Planning

Principles of Planning

The most fundamental function of management is planning. Management must decide in advance what the organization’s objectives and methods of attaining them are before it can effectively utilize its human, financial, and material resources. An organized and purposeful effort cannot be made without it, resulting in chaos, confusion and resource waste. Planning involves setting business goals, developing strategies for achieving them, scheduling and scheduling actions, and assigning responsibilities for completing them.
The planning and development process precedes all other efforts and actions, as the plans and programmes determine the kind of decisions and activities that will lead to achieving the desired objectives. In addition to organizing, staffing, directing and controlling, this function is fundamental to all other managerial functions.

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