The function of planning

Date: 2015-10-07; view: 360.

The function of planning. Types of plans and the planning process principles.

Types

1) Functional Strategy

2) Portfolio strategy

3) Business strategy

4) Concentrated growth strategy

5) Integrated growth strategy

6) Diversified growth strategy

7) Reduction Strategy

Planning means looking ahead and chalking out future courses of action to be followed. It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action. It is rightly said “Well plan is half done”. Therefore planning takes into consideration available & prospective human and physical resources of the organization so as to get effective co-ordination, contribution & perfect adjustment. It is the basic management function which includes formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.

According to Urwick, “Planning is a mental predisposition to do things in orderly way, to think before acting and to act in the light of facts rather than guesses”. Planning is deciding best alternative among others to perform different managerial functions in order to achieve predetermined goals.