This document discusses the importance and process of planning. It defines planning as deciding in advance what will be done, when, and by whom to achieve predetermined goals. The key steps in planning include setting objectives, strategies, policies, procedures, methods, programs, and budgets. Planning provides direction, establishes standards, facilitates coordination, promotes innovative ideas, and reduces risks and wasteful activities. There are two types of plans - single use plans and standing plans. Effective planning involves setting SMART objectives and determining strategies, policies, procedures, rules, programs, and budgets at different levels from long-term to short-term.