This document discusses management and planning. It outlines the external environment including socio-cultural, economic, political-legal, and technological factors. The internal environment consists of employees, owners/management, consumers, suppliers, competitors, and organizational culture. Principles of planning are described such as contributing to objectives, efficiency, and flexibility. The importance of planning is that it focuses on objectives, reduces uncertainty, provides direction, and facilitates control. Limitations include a lack of accurate information, time/cost, inflexibility, and resistance to change due to environmental uncertainties.