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Explain Any Three Features of 'Planning.' - Business Studies

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Explain any three features of 'Planning.'

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Three features of planning:
i. Attainment of goals: Planning lays a foundation for the key goals of an organisation to be achieved. It makes sure that the organisation uses all its available resources to achieve the desired level of output in a given time. It ensures that the organisation follows a particular strategy in routine to achieve the desired results ultimately. For example, if an organisation expects to increase its turnover by 30% in one year, then plans are formulated in accordance with that desired expectation of results.

ii. Basis of subsequent functions: Planning serves as a basis or foundation for subsequent functions of management, i.e. directing, controlling, staffing and organising. When the desired performance/output level is planned, the other functions come into play. Without a plan, all other functions of management would serve no purpose at all.

iii. Broad scope: Plans are made and followed by all levels of a particular organisation to achieve their certain standards of performance. Top level managers make plans to initiate and implement different policies. Middle level managers make plans to get the workers to understand and follow the policies. Lower level managers plan to supervise and guide workers to achieve their targets.

Concept: Concept of Planning
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