Define Planning In Business
Planning involves determining various types and volumes of physical and other resources to be acquired from outside, to allocate these resources in an efficient manner among competing claims and to make arrangement for systematic conversion of these resources into useful outputs.
We have already been introduced to five essential managerial functions, namely, planning, organizing, staffing, leading and controlling.
Planning is a unique and universal function of all managers.
The character and scope of planning may vary with each manager’s authority and with the nature of the policies and plans outlined by superiors, but all managers must have some function of planning.
The nature of planning can be understood by examining its four major aspects.
They are; Since plans are made to attain goals or objectives, every plan and all its support should contribute to the achievement of the organization’s purpose and objectives.