This document discusses the nature and concepts of planning in management. It defines planning as the process of thinking about and organizing activities to achieve goals. Planning is a basic management function that includes formulating detailed plans to balance needs with available resources. Planning provides security, organization, and direction for companies by setting expectations and regulations. There are long-term and short-term plans at strategic, tactical, and operational levels. Effective planning is challenging due to expenses, inflexibility with changes, difficulty formulating accurate assumptions, and potential resistance from people.

1. POWER POINT PRESENTATION
NAME:MONI.M
OPTION:COMMERCE
CANDIDATE CODE: 19014392013

2. NATURE AND CONCEPT OF
PLANNING

4. THE PLANNING FUNCTIONS OF
MANAGEMENT

5. It is the basic management function which
includes formulation of one or more detailed
plans to achieve optimum balance of needs
or demands with the available resources.

6. • Planning is important in management because
it provides security and organization to the
company.
• A manager needs to plan the expectation and
regulations that the company needs.

7. WHAT IS PLANNING ?

8. Planning (is also called forethought) is the
process of thinking about and organizing the
activities required to achieve a desired goal.

9. • Planning is basic or primary function of
management.
• Planning is the process of setting goal
and selecting best course of action to
reach the goal. It is looking ahead.
• Planning is deciding in advance, what to
do, who is to do, how to do and when to
do.

10. • Planning bridge the gap between where
we are and where we want to go.
• Planning provides target, they allocate
resources in a coordinate manner.
• Planning also solve as standard for
control.

11. • Planning is a mental exercise and
intellectual process.
• Planning may be long term and short
term.
• Planning may be strategic, tactical, and
operational.

12. WHAT ARE THE CHARACTERISTICS OF
PLANNING

13. • Intellectual process
Planning is mental exercise and
intellectual process.
• Future oriented
Planning is always future oriented.
• Goal focused
Planning aims to achieve goal in
future.

14. • Pervasiveness of plan
Planning is needed at all level of
management.
• Increase efficiency
Planning increase efficiency. Planning
aims to achieve goals at low cost.
• Decision making
planning and decision making are
interrelated. Planning is selecting right course of
action to reach the goal.

15. WHAT ARE THE DIFFERENT BARRIERS
TO EFFECTIVE PLANNING ?

16. • Planning is an expensive and time consuming
process :-
It involves significant amount of
money, energy also risk, with out any assurance
of the fulfillment of the organization's
objectives.
• Planning restricts the organization to the most
rational and risk free opportunities:-
It curbs the initiative of the manager
and forces him to operate with in the limits set
by it.

17. • The scope of planning is said to be limited in
the case of organization with rapidly
changing situations:-
For example, it is claimed that for
industries producing fashionable articles or
for industries engage in the publication of
text books, working on a day to day basis is
more economical than plan basis.

18. • Flexibility of planning cannot be maintained
when there are unforeseen changes in the
environment:-
Such as business recession, change
in the government policy, crop failure etc.
when such events take place, the original
plan loses its value and there is a need to
draw up a fresh plan.

20. • Another limiting factor in planning is the
difficulty of formulating accurate premises:-
Since these premises are the
background against which a set of plan is
made, they necessarily deal with the future.
Since the future cannot be known with
accuracy, premising must be subject to a
margin of error.

21. • Planning may sometimes face people’s
resistance to it:-
In old, established organization,
manager are often frustrated in instituting a
new plan simply by the unwilling or inability
of people to accept it.