Course Content
OVERVIEW OF MANAGEMENT
Definition and importance of management Functions of management Managerial roles Evolution of management thought Types of management environment
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PLANNING FUNCTION
Meaning and importance of planning Principles of planning Purpose of planning Types of plans Planning tools Process of planning Planning challenges Making plans effective Management by objectives
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ORGANIZING FUNCTION
Meaning and Importance of Organizing Structure and Designs of Organizations Principles of Organizing Process of Organizing Delegation Coordination Centralization and Decentralization Informal Organizations
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STAFFING FUNCTION
Meaning and Importance of Staffing Human Resource Planning Recruitment and Selection Training and Development Performance Management Reward Management Separation
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DIRECTING FUNCTION
Meaning and Importance of Directing Leadership Motivation Communication Group Dynamics Conflict Management
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CONTROLLING FUNCTION
Meaning and Importance of Controlling Elements of Control Characteristics of Effective Controls Control Process Role of Control in an Organization Tools of Controlling
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STRATEGIC MANAGEMENT
Overview of Strategic Management SWOT Analysis Strategy Formulation Strategy Implementation Strategy Evaluation
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EMERGING ISSUES AND TRENDS
Organization Culture Ethics and Social Responsibility Managing Innovation and Change Diversity and Inclusion Corporate Governance Globalization
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Principles and Practices of Management
About Lesson

The Definition of Planning 

The most fundamental or core role of management is planning. Because a manager plans before acting, it takes precedence over other functions. Planning entails establishing the goals and deciding on a strategy to attain them. It involves planning ahead of Time on what needs to be done, when, where, how, by who, and why it should be done. As a result, it is a pre-determined plan of action for achieving a specific objective or goal. Furthermore, management’s primary duty is planning. Thus, it is a process that entails the deliberate selection of a future course of action to accomplish the intended outcome.

A detailed examination of the above planning definitions indicates that:

  1. Planning is concerned with the future and is essentially a forward-looking activity;
  2. It necessitates critical thinking and information analysis;
  3. It entails a pre-determined action plan;
  4. It is concerned with the establishment of future goals to be achieved;
  5. It is essentially an issue of choice after a thorough examination of different options;
  6. It necessitates making decisions;
  7. Its goal is to achieve better outcomes;
  8. It’s a procedure that’s both ongoing and integrated.

Importance of Planning

  1. Future Direction, Values, and a Sense of Purpose: Management’s continuous planning demonstrates exactly what the company wants to accomplish in a specific period and how it plans to fulfill the goals set out in advance.
  2. Planning Provides a Unifying Framework for Decision-Making: Production, finance, marketing, and people are just a few functional departments found in every organization. These departments’ managers must create their operational plan or departmental direction. There will be confusion and mayhem if there is no overarching business strategy.
  3. Planning Aids in Identifying Potential Threats and Opportunities: A typical phase in the planning process is to assess environmental circumstances to identify opportunities and hazards. Inside/outside environmental influences reveal possibilities and threats, which are used to set goals.
  4. Planning Establishes Performance Goals: A solid plan spells forth the objectives that must be met. Based on such a specified performance standard, the company’s performance is monitored and regulated.
  5. Getting in Touch with Nature: In general, planning organizations have outperformed non-planning organizations. Through careful planning, a manager can establish a lucrative relationship with the environment while minimizing risk and instability.
  6. Constant Change Causes the Need for Planning: A business operates in a complicated and dynamic environment. An enterprise and its surroundings are mutually linked and constantly interact with one another. A corporate organization operates in a world of resources, possibilities, and constraints. It can only survive and thrive if it adapts and responds to changes in the environment in real-time.

Advantages of Planning

  1. It is easier to achieve integrated, consistent, and intentional action. All efforts are focused on achieving the intended objectives or outcomes. Unproductive labor and resource waste can be reduced.
  2. Planning allows a company to keep up with its competitors in the industry. Progressive management can improve a product or service and procedures and facilities well before the competition forces it to do so.
  3. By carefully planning ahead of Time, crises can be averted and mistakes or delays avoided. Trouble is easy to fix in its early stages than after it has evolved into a crisis.
  4. Planning can identify the need for future change, and the company can effectively handle it. Therefore, change management is based on planning.
  5. Planning makes it possible to investigate various techniques or solutions to an issue systematically and thoroughly. As a result, we can make informed decisions
  6. Plans are based on accurate historical and current data and intelligent predictions of the future. As a result, we have precise and realistic production, marketing, and other plans.
  7. Planning establishes a solid foundation for proper and effective management. Control is the twin of planning. Control and planning go hand in hand. planning makes controlling easier.
  8. We plan ahead of Time to set our objectives, policies, processes, and time-bound action plans, and all actions are coordinated and guided along the pre-determined paths. As a result, there is no confusion or mayhem in the journey to the destination.
  9. Planning enables management to profitably connect the entire organization to its complex environment.
  10. In the face of fierce competition and rapidly changing environmental forces, particularly in the field of science and technology, comprehensive business planning is the only way to ensure survival, growth, and prosperity.
  11. Planning makes it easier to delegate authority to act, eliminates communication barriers, and provides the necessary equipment for the coordination and integration of all operations.
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