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Explain the First Two Steps in the Process of Planning - Business Studies

Explain the first two steps in the process of Planning

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Solution

Two steps in the planning process:-

i. Determining targets:-

Planning serves the purpose of determining targets of the organisation in its initial stage so that the subsequent functions of management have some standards for comparing the actual targets. Planning makes sure that the organisation carries a particular vision of achieving a certain quantifiable target within a particular time period.

ii. Creating assumptions:-

To determine specific targets, planning creates certain assumptions with respect to resources, people and business environment. The success of a plan depends directly on the accuracy of these assumptions and implementation of the plan.

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