Planning involves deciding in advance what actions to take, how to execute them, when to do so, and who will be involved. It is a process of anticipating the future and purposefully choosing a course of action. There are various types of planning including strategic planning, project planning, departmental planning, and corporate planning. Planning provides direction, reduces risk, and encourages innovation while guiding decision making and coordination efforts. Some limitations include lack of information, resistance to change, and inability to predict external factors.