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Explain the First Three Steps in the Process of 'Planning'. - CBSE (Commerce) Class 12 - Business Studies

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Question

Explain the first three steps in the process of 'Planning'.

Solution

Initial three steps to be followed by the management while making plans:

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. Success of a plan depends directly on the accuracy of these assumptions and implementation of the plan.

iii. Determining available choices: Planning thereafter determines and suggests various courses of action available to the organisation to meet the desired targets. This step also enlists pros and cons of the available courses of action to assist in decision making.

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Solution Explain the First Three Steps in the Process of 'Planning'. Concept: Planning Process.
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