FUNCTIONS OF MANAGEMENT
Planning is a process of determination of organization’s objectives and selecting the courses of actions. i.e. Plans for attaining them.
Planning is the primary or basic management function.
|Establishing Planning Premises|
|Selecting the most appropriate alternative|
|Formulating derivative plans|
|Budgeting i.e. Committing Resources|
|Follow – up actions|
Types/Dimensions of Planning
- Corporate Planning : Business product line
- Long term Planning : > 5years
- Short term Planning : 1 year
- Medium term Planning : 2-5 years
- Strategic planning : Long term, corporate planning for dealing with the organization Competitive environment.
- Operational or Tactical Planning : Plans that specified detail operations needed to achieve The overall organizational goals. (Short range planning)
- Functional Planning : Production, Marketing, Personnel,
Components/Elements of Planning
Objectives : The basic tools that underline all planning and strategic activities.
Strategy: The Long term action plan to attain objectives.
Policies: These are general statements or understanding that guide or channel thinking in decision making.
Procedure: A Chronological Sequence of steps or actions to be taken to accomplish a Specific task or job.
Method: It is a prescribed way of completing a step in a procedure.
Rules: Specific recored statements that direct what must or must not be done in a Given situation.
Standards: It is a measure against whuch the level of performance is measured or Evaluated.
Programmes: An action plan consisting sequence and timing of steps necessary to achieve Objectives.
Schedules: A plan which indicates the time of commencement of task, passing through Different stages or process and finalising the task.
Budgets: Numerical Plan containing expected result in quantative way.
Project: It is smaller action plan and a distinct part of a programme.
Tactics: Short term action plan for implementing strategy.