Planning involves determining a course of action to achieve objectives. It bridges the gap between the present and desired future. The planning process involves classifying problems, setting objectives, collecting and analyzing information, establishing assumptions, determining alternative plans, selecting an operating plan, arranging the timing and sequence of operations, and following up on implementation. Planning allows organizations to align their resources with opportunities to achieve defined goals.

2. 
A plan is a determined course of action for
achieving a specific objective.
 A business unit may prepare a plan to
achieve a particular objective. It is called a
business plan which includes production
plan, sales plan, and so on.
 Planning is a process of thanking to action.
It is a means to achieve well defined
objectives. Business plan and business
planning move together

3.  1.According to Philip Kotler,
"Planning is deciding in the present what to do in
the future. It is the process whereby companies
reconcile their resources with their objectives and
opportunities".
 2.According to Koontz and O'Donnell,
"Planning is deciding in advance what to do, how
to do it, when to do it, and who is to do it. Planning
bridges the gap between where we are and
where we want to go. It makes it possible for things
to occur which would not otherwise happen”.

5. Classifying the
problems
Determining the
objectives
Collecting
complete
information and
data
Analyzing and
classifying the
information
Establishing
planning
premises
Determining
alternative plans
Selecting
operating plan
and preparing
derivative plans
Arranging timing
and sequence
of operations
Follow-up of the
proposed plan:

6.  The planning process starts with clear
understanding and classifying business
problems faced by a business unit.
 Planners have to understand the
problems of the Organisation first and,
then, prepare a plan to deal with the
problems in the light of the prevailing
business environment.

7.  In this second stage of the planning
process, the planners decide the overall
objectives to be achieved.
 Objectives act as pillars of the entire
planning process.
 Business objectives may be decided in
terms of profit, sales, production or
market reputation. Objectives may be
defined in quantitative or qualitative
terms.

8.  The planners have to collect information
relating to problems facing the business
unit. Such information is necessary and
useful for analyzing the problems in
depth and also for accuracy in planning.
 Information can be collected from
internal and external sources. Reliable,
updated and adequate data make
planning process result-oriented.

9.  At this stage, the information collected is
analyzed and interpreted systematically
for drawing specific conclusions.
 This facilitates purposeful use of
information, while preparing alternative
plans. Irrelevant information can be
discarded through such analysis.

10.  Planning premises are various
assumptions and predictions about the
future business situation.
 The planning premises are expected to
supply relevant facts, information and
data on the basis of which forecasts are
prepared and future trends are
indicated.
 Planning premises reduce uncertainties
in the planning process.

11.  The planners prepare and keep ready
alternative plans suitable for use under
different situations.
 The best among the available alternative
plans is used for actual execution.
 The preparation of alternative plans is
essential as one plan is normally not
adequate under all types of situations. It is a
type of stand-by arrangement useful for
meeting any emergency situation.

12.  After study of the business environment and
the alternative plans available, the planners
select the best plan for actual execution.
 After the selection of operating plan, the
planners have to prepare derivative plans.
 Such The division of overall plan into
derivative plans is necessary for effective
execution.

13.  Timing involves fixation of starting and
finishing time for each job or piece of
work. Sequence of operations ensures
proper flow of work.
 This step in planning process is important
as it brings coordination in the activities
of different departments.

14.  The purpose of follow-up is to make
periodical review of the execution
process.
 It is useful for understanding actual
progress and deficiencies in the process
of execution of the plan.
 This also facilitates adoption of suitable
remedial measures as and when
required.