Business Management: 4 Types of Planning

 

business management planning

Strategic Planning. A management plan example is used by a company or a business so they can be guided by the management practices and principles that they need to apply in the operations of the business. Management planning is an essential part of the processes needed to be implemented by an organization to assure that the goals and objectives of the company are achieved. Apr 24,  · Management planning is the process of assessing an organization's goals and creating a realistic, detailed plan of action for meeting those goals. An effective management planning .


Planning Function of Management


Planning means looking ahead and chalking out future courses of action to be followed. It is business management planning preparatory step.

It is a systematic activity which determines when, how and who is going to perform a specific job, business management planning.

Planning is a detailed programme regarding future courses of action. 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.

Planning is deciding best alternative business management planning others to perform different managerial functions in order to achieve predetermined goals, business management planning. Planning bridges the gap between where we are to, where we want to go. Establishment business management planning objectives Planning requires a systematic approach.

Planning starts with the setting of goals and objectives to be achieved. Objectives provide a rationale for undertaking various business management planning as well as indicate direction of efforts. Moreover objectives focus the attention of managers on the end results to be achieved. As a matter of fact, objectives provide nucleus to the planning process. Therefore, objectives should be stated in a clear, precise and unambiguous language. Otherwise the activities undertaken are bound to be ineffective.

As far as possible, objectives should be stated in quantitative terms. For example, Number of men working, wages given, units produced, etc. But such an objective cannot be stated in quantitative terms like performance of quality control manager, business management planning, effectiveness of personnel manager.

Such goals should be specified in qualitative terms. Hence business management planning should be practical, acceptable, workable and achievable. Establishment of Planning Premises Planning premises are the assumptions about the lively shape of events in future, business management planning. They serve as a basis of planning, business management planning. Establishment of planning premises is concerned with determining where one tends to deviate from the actual plans and causes of such deviations.

It is to find out what obstacles are there in the way of business during the course of operations. Establishment of planning premises is concerned to take such steps that avoids these obstacles to a great extent. Planning premises may be internal or external. Internal includes capital investment policy, management labour relations, philosophy of management, etc.

Whereas external includes socio- economic, political and economical changes. Internal premises are controllable whereas external are non- controllable. Choice of alternative course of action When forecast are available and premises are established, a number of alternative course of business management planning have to be considered.

For this purpose, each and every alternative will be evaluated by weighing its pros and cons in the light of resources available and requirements of the organization.

The merits, demerits as well as the consequences of each alternative must be examined before the business management planning is being made. After objective and scientific evaluation, the best alternative is chosen. The planners should take help of various quantitative techniques to judge the stability of an alternative. Formulation of derivative plans Derivative plans are the sub plans or secondary plans which help in the achievement of main plan.

Secondary plans will flow from the basic plan. These are meant to support and expediate the achievement of basic plans. These detail plans include policies, procedures, rules, programmes, budgets, schedules, etc.

For example, if profit maximization is the main aim of the enterprise, derivative plans will include sales maximization, production maximization, and cost minimization. Derivative plans indicate time schedule and sequence of accomplishing various tasks. Securing Co-operation After the plans have been determined, it is necessary rather advisable to take subordinates or those who have to implement these plans into confidence. The purposes behind taking them into confidence are :- Subordinates may feel motivated since they are involved in decision making process.

The organization may be able to get valuable suggestions and improvement in formulation as well as implementation of plans. Also the employees will be more interested in the execution of these plans. After the selected plan is implemented, it is important to appraise its effectiveness. This is done on the basis of feedback or information received from departments or persons concerned. This enables the management to correct deviations or modify the plan.

This step establishes a link between planning and controlling function. The follow up must go side by side the implementation of plans so that in the light of observations made, future plans business management planning be made more realistic.

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Simple Business Plan Template for Entrepreneurs

 

business management planning

 

Apr 24,  · Management planning is the process of assessing an organization's goals and creating a realistic, detailed plan of action for meeting those goals. An effective management planning . Strategic Planning. Jan 29,  · The Management Plan Section of the Business Plan. Writing The Business Plan: Section 6. ••• The management plan section of the business plan. When writing the business plan, the Management Plan section describes your management team and staff and how your business ownership is structured.