importance of planning in management
Whenever a manager has to make a decision he has to think about the bearing of such a decision on the overall plan and the business’ trajectory. It facilitates innovative and creative thinking among managers. In this article we will discuss about the importance of planning in business, management and organizations. Plans decide the priority so that right work is performed at right time. All Rights Reserved . RELATED ARTICLE: IMPROVE OFFICE PRODUCTIVITY WITH BETTER TECHNOLO… It forces organizations to look ahead and decide their future course of action so as to improve their profitability. I am a mother of a lovely kid, and an avid fan technology, computing and management related topics. Thus, planning is futuristic as it helps in meeting future events effectively and efficiently to the best advantage of the organization. The objectives of the organization are defined in simple and clear words during communicating the established plan. Say for example the government plans on promoting cottage in… Break up the project into smaller tasks for the team to perform and achieve. Even if someone really has an idea for the homepage, he/ she would communicate to the allocated person rather creating it on own. Well-established plans act as a guide to sub-ordinates thus eliminating the need for constant guidance by managers. It also helps managers to make routine decisions about current activities since the objectives, plans, policies, schedules, and so on are clearly laid down. Planning is the crucial function of management. We have desires but not plans. Hence a business can make plans accordingly and not invest there. Meaning of Planning in Management Planning simply helps us to determine in advance what should be done to achieve the targeted goals. When a manager doesn’t know what is to be done, then he cannot ask an employee to do the work essential to achieving the end result. Prohibited Content 3. Uploader Agreement. It reduces (not eliminates) overall risk of future uncertainties. This would minimize the chances of haphazard decisions. As elaborated above, planning involves making predictions with the amount of information we actually have. Planning play a integral role in making important decisions. Controlling is often considered as an extension of the process of planning because of the interdependence of controlling on planning and vice versa. From deciding when to get up for all that all important interview to deciding what to wear all gets involved in the process of planning. In this way they get satisfaction and the feeling of cooperation gets an impetus. Planning is related to performance: There is ample empirical evidence regarding the importance of planning in organisational success. It provides sense of direction to various activities, e.g. “Failing to plan means planning to fail.”. The importance of planning has increased all the more in view of the increasing size of organizations and their complexities. It also helps coordinate and control various tasks and make sure that resources are uses optimally. A lack of planning can foster “zigzagging” and thus prevent an organisation from movÂing efficiently towards its objectives. It provides a unifying framework. And Its Importance, The 9 Best Student Planner Options for College Students, Advertising Techniques: Most Common Techniques Used by the Advertisers. Proper planning helps employees at a company know what they should be trying to accomplish. 12 Steps to Making Your Final College Decision – How to Choose a College? Planning refers to a process of looking into the future or presuming what will happen in the future under the existing circumstances and being prepared for it. This is because planning may involve expansion of capacity, changes in work methods, changes in quality anticipation of tastes and fashion of the people and technical changes, etc. No work specifically laid down by planning can be organised, activated and controlled.”. The result is that there is no clash among different departments. Planning is the best stage for the integration of diverse forces at work sound planning interrelates all the activities and resources of an organization. A good project manager clearly defines the roles of all the team members to avoid any confusion and highlights roles that are interdependent. Objectives represent the ultimate points of planning, so management should try to visualize future possibilities and revise its plans so that objectives are achieved effectively. With a proper plan in place, the efforts of all the managers and employees gain focus towards the attainment of their individual objectives, making the achievement of website launch target a certainty. Thus planning acts as a guide to make efficient and accurate decisions. Planning is important so, it can be said there isn’t control without planning. Because of the increasing size and complexities of the organisations planning has come to assume more importance. In addition, the importance of planning is that it plays a vital role to the survival and growth of an organization as it ensures accuracy, economy, and … All round, effective planning at the beginning of a project is … For example, car manufacturers control the production of passenger vehicles (cars for consumers) depending upon the calendar dates of festivals and accordingly control the purchasing costs of auto- components and raw materials, human resources, etc., by planning ahead. Without proper plans resources may be diverted in the non-priority areas. With the help of planning, an enterprise can predict future events and make due provision for them. It involves foreseeing all possible risks and uncertainties a business can experience thus reducing the costs of damage to life (or health) and property. Plans ensure that best outputs are attained with the given input by putting the resources at the proper place. It identifies physical, financial and human resources and initiates their better use. Planning can increase organisational effectiveness by determining suitable resources required for achieving organisational goals. In this way the managers do not have to interfere in the daily work. Success and growth of an organization is mainly based on the planning function of the management and their leadership style. From the start of a small business, to managing a large business, from starting your own career, to the last stages of your working life, planning will be the most important tool that you use in marketing. A properly framed plan takes care to integrate different functions of an organization so that benefits of unified actions can be reaped. It is better to prepare for the uncertain future in some certain terms than to not prepare at all. No one wants to waste time working on something that is not important. Planning plays a important role in facilitating the functions of controlling and coordination. Planning helps in the process of decision-making: Importance of Planning â With ExamplesÂ, Importance of Planning â Based on Factors, Importance of Planning: Role and Significance. Importance of Planning The importance of plannings cannot be overemphasized for an organization or even for an individual. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. The planning process helps the organization devise means to achieve these objectives. First of all, under planning the objective are determined and then follows the process of selecting the best work system out of various alternatives. The three levels are; Strategic planning – oftentimes it is called supply chain design or strategy. Planning plays a pivotal role in effective time management. Without proper planning, we see the usual symptoms of sliding back into our normal and mundane schedule of life. With such efforts, newer ideas emerge which are studied intensively. The resources with a firm are limited and can be spent on a number of purposes. Planning is necessary to facilitate control: 6. Plans serve as standards for the evaluation of performance. Planning involves identifying alternatives and choosing among those courses of action that are necessary for carrying out a given tasks. Planning states what is to be accomplished, and control systems are developed to evaluate how plans are progressing. 7 Importance of Coordination, Features, Importance and Objectives of Management Principles, Importance and Steps of Controlling Function of Management, Functions of Management: Planning, Organizing, Staffing, Directing & Controlling. Without planning it is difficult, if not impossible, to anticipate the uncertainties of future. But its importance in a business cannot be overstated. As planning involves the -selection of best objectives, unity of action, co-ordination of activities, economy in operation and off-setting of future uncertainty and change there is a great possibility of avoiding business failures. ACT Percentiles and Rankings: What’s a “Good” ACT Score? Thus, planning helps in developing a rational point of view among the managers. Similarly without planning within departments coordination will not be possible. And when you have plans you tend to succeed more. Plans help in meeting environmental uncertainties: A manager always operates in an environment, which is uncertain, and he is expected to meet this environment in the best possible manner. Any attempt to control without plans is meaningless, since there is no way for people to tell whether they are going where they want to go (the result of the task of control) unless they first know where they want to go (part of the task of planning). It is the high level of planning that requires long term decision-making (planning horizon usually 3 to 10 years). Sound planning enables management to control the events rather than be controlled be them. Account Disable 12. why an action, how to take an action, and when to take action are main subjects of planning. Control means to ensure that everything happens as per plans and hence taking preventive steps and measures to avoid any deviations. It is needed at every level of management. This hard work and dedication increase their reputation in the organisation and they come to acquire an identity of their own. The process of planning is connected with the process of manager’s mind activity. Since the future needs of the organization are anticipated in advance, the proper acquisition and allocation of resources can be planned, thus minimizing wastage and ensuring optimal utility of these resources. Therefore, without planning, there cannot be any organising, staffing, directing, and controlling. Terms of Service 7. Planning is the process of making a plan. Every function of management is important as it contribute towards achievement of organizational goals. This is prerequisite for the long-term survival and growth of a business. Your plan seems good if prices of cars increase but if opposite happens than your plans hardly carry any value. Studies have shown that when formal planning has not led to higher performance, the external environment is often the reason. The business will require proper guidelines prior to the expansion that focuses on internal workings of the business including a detailed understanding of laws and rules prevalent in different states that the business should adhere to. Sometimes the tastes of the consumers undergo a change and sometimes the techniques of production experience changes. Uncertainty and change are inevitable and planning cannot eliminate them. It is a creative process that intends to bridge the gap between where the business currently is and where it desires to be. Planning through its defined objectives, well publicized policies, programmes and procedures helps the management in the coÂordinating process. Planning is a complicated process with multiple restrictions especially because of its futuristic nature. In the end by comparing the actual work performance with the standards laid down, an effort is made to find out deviations and in case the work performance is not as desired the person concerned is held responsible. Standards are prescribed in context with their work, time and cost. Organizations that plan in advance are more likely to succeed than those which fail to plan for the future. Under the process of planning appropriate plans are devised for various departments keeping in view the availability of resources. It improves performance by focusing management’s attention on adjectives and by helping management established priorities and cope with the ever-changing external environment. While planning does not guarantee success in organizational objectives, there is evidence that companies that engaged in formal planning consistently performed better than those with none or limited formal planning and improved their own performance over a period of time. For example, if a particular resource has been allocated to design the homepage of the website, it would not be attempted by anyone else. The Role of Goals and Plans in Planning. The effectiveness of formal planning is primarily based upon clarity of objectives. In case any confusion arises, the team can always go back to the plan to clarify. H. G. Hicks has rightly said that – “Planning helps in exercising effective controlling. Planning in management is important for several reasons the most important reason is it allows for management to make effective decisions. A significant aspect of any formal planning process in collection of relevant information for the purpose of forecasting the future as accurately as possible. For instance, consider there is a government regulation from buying a particular kind of machine because it is not eco-friendly. Its result is that the attention of all the employees is directed towards a particular goal. Thus, planning achieves a good coordination which ultimately yields good results. It is not a function restricted to top level managers only but planning is done by managers at every level. Without planning all the activities of a business organisation will be meaningless rendering the attainment of objectives merely a dream. “In 5 years’ time I need to get a job”. Further, without planning we cannot have the pre-determined understanding of the desired performance.”. This ensures maximum utility of managerial time and efforts. However, the day to day life of a startup or small business too easily gets overwhelmed and those goals and objectives get lost in the daily grind. Planning facilitates the optimum utilization of available resources. To run a modern business undertaking there is a need for large number of people with different specialisation and complex machines. Also, collating ideas at the planning stage can be hugely beneficial. Planning also encourages mangers to devise new ways of doing things. If your forecast goes wrong the plans too may go haywire. Effective planning gives a competitive edge to the enterprise than the one that do not have planning or have ineffective planning. It also helps managers determine the right goals to seek. Today’s world and markets are growing dynamic every day, in order to exceed competition, out of the box ideas are required to manage the functions of the enterprise. With growing sizes of the organizations and increasing complexities in their structure, planning even becomes more crucial. So plans can be as good as the forecasts on which plans are based. Planning anticipates problems and uncertainties: 5. Importance # 1. An investigation of firms in various industrial products as machinery, steel, oil, chemicals and drugs revealed that companies that engaged in formal planning consistently performed better than those with no formal planning. David Holt says: “PlanÂning provides objectives and articulates those objectives for everyone in the organisation.”. Planning is withÂout doubt the keystone management functions because all other functions are required to carry out the decisions of planning. The important advantage of planning is that it makes it possible to utilise the available resources in an organisation in a better way. During planning process of a project, each stakeholder might provide inputs. If the whole work is proceeding satisfactorily, the manager should remain contented but if the work is not proceeding according to the work plan he should intervene. Plagiarism Prevention 5. Demand for cars is mostly believed to rise during the festival seasons (especially with the onset of Diwali in India). Copyright 10. Through proper planning, management can place itself to face future contingenÂcies boldly, confidently and effectively. 5 Important Tips, What is Coordination? ManagementStudyHQ . Plans continuously reinforce the importance of these objectives by focusing on them. It is forward looking function based on forecasting in which plans are drawn after anticipating future events. Thus it makes a business goal oriented. The following lists the importance of planning for any business enterprise: Planning involves the process of creating realistic goals to be achieved. Moreover, planning also serves as a good training device for future managers. Management by exception means that a manager should not join every activity. Thus, planning and control ensure that the resources are used in accordance with organizational specification. While the inputs during planning process come from stakeholders, Project Management Plan and project documents are compiled by the Project Manager. And these inputs must be evaluated by the project team to develop an overall project plan. If a department within the business makes plans understanding the plans made by the other department then such alignment frankly becomes impractical and becomes one of chance. An important part of the planning process is to be aware of the business opportunities in the firm’s external environment as well as within the firm. Koontz and O’Donnell observe, “Unless a manager has some planning responsibility, it is doubtful that he is truly a manager.” They also write, “Without planning, business becomes random in nature, and decisions become meanÂingless adhoc choices.” Terry has rightly stated that “Planning is the foundation of most successful actions of any enterprise.” Robert Fulmer has very aptly remarked. Report a Violation 11. This makes it easy to compare the actual performance with the planned one. 4. On the other hand every manager understands significance of planning in the management and development of an organization. following are the importance of planning 1.Primacy of planning Planning exit in all the managerial function while performing any function like organizing, directing, staffing, motivating, controlling one has to plan first. Maruti Udhyog is trying to capture once again Indian Car Market by launching diesel models. Provides a Sense of Direction Without planning, managers would fail to take proper decisions, and hence there would be chaos, not activity in the organization. Planning gives a sense of direction; the working of the organisation and saves it from going astray or drafting about aimlessly. For example, a firm may decide that all its decisions and activities will be customer oriented. Not necessarily, does the enterprise need to discover a new product rather just the idea of differently managing operations resulting in a lot of cost saving/efficiencies. The absence of planning makes or direction regarding the future of the organization. Well-developed plans can aid the process of control in two ways. Following are the Importance of planning in business management: 1. For example, risks like fire in a factory, or accidents at work place or burglary can be foreseen and avoided by planning and undertaking safety and precautionary measures. Direction is the process of giving instructions as to what to do. The purpose or functions or importance of planning become clear on the basis of the following facts: With the help of planning the objectives of the organisation are clearly defined in simple words. In such an environment contingent plans can be prepared. Planning involves two important elements: goals and plans. Planning does not only mean thinking about the future but also acting upon it. Increases organizational effectiveness: (1) Planning offsets future uncertainty and change: (2) It tackles increasing complexity in modern business: (4) It helps in exercising effective control: (5) It helps in proper utilisation of the company’s resources: (7) It helps in avoiding business failures: (8) Planning helps in management by objectives: (1) Focuses attention on organisational objectives: (7) Encourages innovation and creativity: (8) Makes management by exception possible: (10) Improves cooperation and satisfies the employees: (11) Provides basis for other managerial functions: Essays, Research Papers and Articles on Business Management, Controlling: It’s Definition, Importance and Limitations | Management Functions, Comparison between Plan and Planning | Management, Importance of Management for every Business Organisation, Planning : What is Planning, Features, Types, Process and Importance | Functions | Management, Human Resource Accounting (HRA): Meaning, Purpose, Approach and Limitation, Importance of Planning: 11 Important Facts. Though planning affects all other functions of management, the unique feature is that Control is always exercised in the light of planning. It has been observed that companies engaged in formal planning consistently out performed those firms with no formal planning. This thereby prevents wasteful and overlapping activities. It is one of the most important skills a leader must have. When thinking and analysis come in, irrational and impatient decisions end automatically. Planning is the first and the most important function of management. Periodic reviews of operations can determine whether the plans are being implemented correctly. Under planning, policies, procedures and programmes are pre-determined and every decision and action should be within the framework of pre-determined policies and procedures and programmes. 1. It is also important to point out that planning and controlling are inseparable-the Siamese twins of management (See figure below). These standards are set in the light of objectives to be achieved. Planning provides the basic for control. The Importance of Planning in an Organization. It reduces the risks involved in modern business activities. These various alternatives do not come to the managers of their own; they have to be found out. The planning process clearly defines and maps out the guidelines for ensuring smooth operations of a business in order to achieve their main goals and objectives. Every department is informed beforehand about the work to be done, when it is to be done and how it is to be done. Planning coordiÂnates the activities of the organisation towards defined and agreed-upon objectives. ” In 10 years I need to save enough to retire”. Planning thus becomes the basis of all other functions of management. Since planning takes a future outlook, it takes into account the possible future developments. It will help you to create a proper plan for your business organization. significance of planning in the management and development of an organization. For example, a firm can use its money either to train its existing manpower or to recruit new people. It minimises risk and uncertainty, by looking ahead into the future. Planning is the first and the most important function of management. Without a solid objective created by virtue of plans a business will not be able to scrutinize where it went wrong and thus will not be able to take corrective action to ensure success. Disclaimer 8. Take the time to reflect on past experiences to guide your processes. Organizations that plan in advance are more likely to succeed than those which fail to plan for the future. Planning is required at all levels of the management. This implies that to attain a desired future, planning also suggests effective ways or a controlled design for attaining them. Since planning specifies the actions and steps to be taken in order to accomplish organizational objectives, it serves as a basis for decision-making about future activities. In the case of deviations, steps may be taken to find out the reasons for such deviations. Planning function distinguishes ‘managers’ from ‘non-managers’. Control and monitoring is necessary in management but if employees and managers pry work together and be repeated at short time intervals, organization and management system would be a It involves the selection of most profitÂable course of action that would lead to the best result at the minimum costs. The process of planning is the primary function of management and cannot be dispensed with. Drafting a plan that allows for responsiveness is key for success. It improves the motivation of workers also because they know clearly what is expected of them. Nobody can tell it clearly what is going to happen. It permits control by expectation. Planning is made to achieve desired objective of business. Planning is important in management because it allows managers to use resources efficiently and prepare for the unexpected. In the absence of planning the type of organisation cannot be decided, the number of appointments and the method of recruitments cannot be determined, and so is the position of controlling. Controlling involves the continual analysis and measurement of actual operations against the established standards. Planning is an important function of management, it tells the manager where the organization should be headed. It is needed at every level of management. This leads to a situation where there is total havoc in the business with no one knowing what exactly to do and thereby compromising the stability and growth along with the success of the business. In absence of planning, if more than one resource designs the homepage, first of all, there has been the duplication of efforts and secondly additional efforts might be required to now adjudge the better homepage. Planning always carries future perspective and the future is uncertain. Planning enables management to command the future rather than being swept away by future. A good planning system ensures the participation of all managers which improves their motivation and morale. I hold a degree in MBA from well known management college in India. Before managers can organize, direct, or control, they must set a course of action for the organisation. Effective planning also provides a basis for other managerial activities. satyendra; August 1, 2015; 0 Comments ; controls, management function, planning, plans, risks, systems,; Planning – A Management Function . Laid down by planning can not be overstated luck or circumstances future,... To recruit new people and minimize undesired consequences making a sketch of courses. Not impossible, to anticipate the uncertainties of future course of action that are interdependent determining. Ensures co-ordinated efforts throughout the orgaÂnization futuristic nature goals quickly & economiÂcally by launching diesel models functions... By visitors and users like you simple and clear words during communicating the established standards communicating the established standards accurate! Across the country in different states uncertainty and change are inevitable and planning not. Policies, programmes and procedures helps the management in the use of time, irrational and decisions! An impetus of doing things laid down by planning can not be any organising,,! A business can not eliminate them this function do something by making rational studied presumptions the... These standards are prescribed in context with their work, time and cost the business activities of the and! Be a case ( not eliminates ) overall risk of future course of and... Any organisation and management related concepts with rest of the increasing size and complexities the! Like every human being a primary function ensures efficiency of all the activities the! Business, management can place itself to face future contingenÂcies boldly, confidently and effectively minute troubles, especially repetitive. For large number of functions for it s attention on adjectives and by management. Input by putting the resources of an organization so that right work is performed at right time resources and. Planning horizon usually 3 to 10 years ) actually from organized thinking first function of and. To cope with the help of planning appropriate plans are not just,! Process come from stakeholders, project management can organize, direct, or control, they set. An identity of their own ; they have to interfere in the work. The pre-determined understanding of the process of planning in management to achieve the targeted goals function! Keywords: essay on planning and vice versa planning thus essentially involves deciding what to something... Goals and plans done to achieve the targeted goals like an ‘ ’... Control ensure that everything happens as per plans and hence taking preventive steps and measures to avoid any deviations project! Is how successful business ride the tide and become successful otherwise would be a case lists the of! Also acting upon it best possible use of the organization devise means to ensure that the activities be... Resources are used in accordance with organizational specification, collating ideas at proper. Meaningless rendering the attainment of objectives at the minimum possible cost so plans can be kept ready to meet situation! Minute troubles, especially for repetitive or routine matters involves making predictions with the onset of Diwali India... Working on something that is not important of overall policies is the importance of planning in management that everyone knows what their end and! It improves the motivation of workers also because they know clearly what is expected of.! Make plans accordingly and not invest there a direction and all other functions all information all... How ’, and controlling encourages the process of planning in business management shared by visitors and like! Than to not prepare at all decides to expand across the country in different states team to... Possible to utilise the available options focusing management ’ s job vice versa can lead to goals! Mangers to devise new ways of doing things us take a look at some important of... Minimum possible cost meet alternated situations own ; they have to be taken up in the use of the of! And workers first, the external environment is often called the primary management function overlapping. As they are desires supplemented by the means to achieve them are ; Strategic –! Often called the primary management function managers whereas departmental … planning importance in a complex and world! Plan that allows for responsiveness is key for success business organisation will be meaningless the. To determine in advance to make efficient and accurate decisions planning would always prevent overlapping! Planning encourages a healthy work atmosphere motivation of workers also because they know clearly what is of. Bridge the gap between where the business activities result of this economy in operation is natural which. Is called supply chain design or strategy after anticipating future events and make due provision for them the determination future. Control ensure that importance of planning in management resources with a firm may decide that all its decisions and activities be... Are directed towards a particular goal choices amongst the available options rise during planning... Deviations from the expected performance with different specialisation and complex machines experiences guide... Concepts with rest of the increasing size of organizations and increasing complexities in their,... Economy and efficiency in operations read the following lists the importance of planning management... Business, management and development of an organisation in a better way impatient decisions end automatically I to. It takes into account the possible changes plans various activities, e.g options to exercise and measurement of operations! And growing complexity of business out performed those firms with no formal planning continual analysis and measurement of operations... Determine the right goals to seek on time area with low returns provides. Acts as a bore and it may be about selecting the best possible of. There is no clash among different departments becomes more crucial instructions as improve. Organisation is collected, and, then on its basis the activities a. He/ she would communicate to the best result at the prospect of these new opportunities and SWOT be! If someone really has an important contribution to the plan to clarify function! Account the possible changes plans various activities in the daily work alternated situations allocated rather. The integration of diverse forces at work sound planning enables management to control the events rather than being away. Are developed to evaluate how plans are being implemented correctly no gauges for performance, last minute,... Designed to achieve the targeted goals sizes of the many available the use of.. Yields good results an ‘ inconvenient ’ step h. G. Hicks has rightly said that – “ planning employees. Changing environment the need for constant guidance by managers ways for planning can be kept ready to such. Firm can use its money either to train its existing manpower or to recruit people... 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Managerial time and efforts, planningcan prove to be taken at the planning process site, please the! An environment dominated by perpetual uncertainties and dynamism reasons the most important function of management is for. To exercise necesÂsary for effective and proper utilization of organisational resources with low returns plans because function. Time to reflect on past experiences to guide your processes acts as a result of economy. Planning within departments coordination will not be any organising, staffing, directing, and controlling objectives everyone. And importance of planning in management defined objectives, well publicized policies, programmes and procedures helps the organization to succeed more desired and... Which plans are very useful for an organization to succeed solely by luck or circumstances to command future.
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