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What Are the Steps Taken by Management in the Planning Process? - Business Studies

Answer in Brief

What are the steps taken by management in the planning  process?

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Solution

The steps taken by the management in the process of planning are:

a. The management must firstly decide its objectives- what is to be achieved and how is it to be achieved. Both the specific and general objective must be kept in mind while formulating the plans. The plans must be purposeful and the objectives must be clear cut.

b. Planning is based upon the assumption of the future cold premix. The exemptions are based upon future predictions, previous plans, and the current policies. All managers should have the same assumptions.

c. The manager has to make a list of alternative by which the organisation can achieve its objective.

d. After identifying the different alternative the manager has to evaluate them. This evaluation is based upon on the utility and the consequence of its action. The advantages and disadvantages of all of them must be understood clearly.

e. The next step is to choose the best alternative. The manager may also choose a combination of different alternatives. The most ideal plan is the one which is feasible and profitable along with the least negative consequences.

f. The other functions of the management including organizing, directing, staffing and controlling come into action now. The manager now has to work on the implementation of this plan.

g. Merely choosing the best alternative is not enough. Continuous supervision of the policies and the actions of the company is required. Follow up is an important part of Planning. It is important for the success of the plan and achievement of the objectives.

Concept: Planning Process
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