The document discusses various aspects of planning and decision making for organizations. It defines planning as determining a future course of action to achieve objectives. A good plan should provide clear direction, be consistent, feasible, simple, and flexible. The planning process involves steps like identifying opportunities, setting objectives, identifying alternatives, and formulating supporting plans. Strategic planning sets long-term direction over 3-5 years while tactical planning focuses on short-term resource allocation. Management by objectives involves jointly setting goals and evaluating performance to achieve maximum results. Modern decision making techniques help organizations effectively plan and make choices.

5. Steps in Planning Process Principles of Management Perception of opportunities Establishing objectives Planning Premises Identification of alternatives Evaluation of alternatives Choice of alternative plans Formulation of supporting plans Establishing sequence of activities