Functions of Management - Planning

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  • Meaning
  • Definition
  • Koontz and O'Donnell
  • James Stoner
  • Importance of Planning
  • Helps to set clear objectives
  • Provides path of action
  • Planning improves performance
  • Minimizes the risk
  • Planning leads to optimum utilization of resources
  • Helps in decision making
  • Useful in setting the standards for controlling
  • Facilitates Coordination of all activities
  • Facilitates other management functions
  • Promotes innovative ideas
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