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Explain Any Three Points that Highlight the Importance of Planning. - Business Studies

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Explain any three points that highlight the importance of planning.

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Solution

Importance of planning can be highlighted using the following points:

1) Guiding force: Planning acts as a guiding force for the subsequent functions of management and serves as a basic framework in the functioning of management. It allows the initiatives of cooperation and coordination to grow and helps the organisation to achieve its primary objectives. It creates a cordial atmosphere where suggestions and feedback of all employees are welcomed.

2)Hedging uncertainties: Planning attempts to predict and provide for unforeseen business changes occurring in the dynamic business environment on a day-to-day basis. It forecasts upcoming challenges and prepares the management for them in advance so that the productivity of the organisation does not get hindered.

3)Efficiency: Planning attempts to eliminate undesired wastage of valuable resources and creates an action plan which focuses on completion of goals efficiently in terms of time and cost involved. It aims to direct employees in such a manner that they reach their optimum individual performance level.

Concept: Concept of Planning
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