Planning is a formal process where managers determine objectives and identify methods to achieve them. There are different types of plans including strategic, tactical, and operational plans. Strategic plans outline steps to achieve overall organizational goals over 2-3 years. Tactical plans determine how to allocate resources to achieve strategic goals. Operational plans are used by managers to accomplish responsibilities and support tactical and strategic plans through activities like ongoing policies, procedures, and rules. Planning contributes to objectives, is central to linking managerial functions, and occurs at all management levels to efficiently measure progress towards goals.