Performance planning refers to a company's formal process of identifying individual and organizational goals and how to achieve them. The objectives of performance planning are to clearly define goals and strategies for employees, provide resources and training to achieve goals, ensure regular feedback, and align jobs with objectives. Performance planning involves business planning, identifying key success factors, setting department and individual objectives and action plans, setting performance expectations, and using methods like task analysis and goal setting. The importance is that it increases accountability, assists employees by clarifying roles and expectations, and helps achieve organizational excellence through planning. Barriers can include organizational issues, individual issues, and inappropriate work environments.