Planning is directed towards efficiency. A plan is a course of action that can take the organisation to its objectives at the minimum cost. As a result of such attention, it becomes possible for the planners to determine the policies, procedures, programmes and the rules for an orderly advance towards the ultimate goals desired to be achieved. The more detail provided the less flexibility exists for those that follow the plan. There is another reason for choosing more than one alternative. This, no doubt, eliminates or reduces the possibility or jumping into uncertainties. It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. Planning involves selection of suitable course of action from several alternatives. A business plan should do all of the following EXCEPT:? All in all, your communication plan needs the following elements: An understanding of all stakeholders’ preferences and requirements. Some examples of long-term goals could be for a business to strengthen its hold on the local market, increasing profits, or expanding its operations and sales. Planning has to find out several alternatives, estimate the feasibility and profitability of the different alternatives, and to choose the best one out of them. e. Generating multiple BOMs for … Therefore, planning may be defined as follows: Planning is the process by which the managers of an organisation set objectives, make an overall assessment of the future, and chart the courses of action with a view to achieving the organisational goals. However, without setting the objectives there is nothing to organise, direct or control. So, the first plan must follow the second plan and the second plan the third and so on in never-ending series in quick succession. Various alternative courses that are considered feasible in terms of preliminary criteria have to be taken for detailed evaluation. D. Diagramming techniques. b. Thus, various departments work in accordance with the overall plan, and co­ordination is achieved. The important principles may be stated as follows: This means that certain resources must be committed or pledged for the purpose of planning. The firm’s internal environment—such as its financial resources, technological resources, and the capabilities of its personnel and their performance—has to be examined. It is part of the job that needs to be done in connection with the general programme. As a managerial function, planning is important for the following reasons: The first and most important reason for planning lies in the fact that it provides a basis on which decisions are made. This provides an opportunity to set the objectives in real sense. 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