Planning and Decision Making
Concept of Planning
Planning is the process of setting goals, identifying tasks, and determining the resources needed to achieve those goals. It is a systematic approach to problem-solving that involves thinking ahead, anticipating possible challenges, and devising strategies to overcome them. The concept of planning is applicable to a wide range of contexts, including personal, business, and government settings.
Scholars have provided different definitions of planning, but some of the most notable ones include:
- According to Henri Fayol, “To plan means to anticipate the future, to think out and provide for contingencies, to organize means, and to arrange the human and material resources of the enterprise in the best possible manner.”
- George R. Terry defined planning as “the selecting and relating of facts and the making and using of assumptions regarding the future in the visualization and formulation of proposed activities believed necessary to achieve desired results.”
- According to Peter Drucker, “Planning is the continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the best possible knowledge of their futurity, organizing systematically the efforts needed to carry out these decisions, and measuring the results of these decisions against the expectations through organized systematic feedback.”
Effective planning involves several steps, including:
- Defining goals and objectives: Setting clear and specific goals is the first step in planning. Goals should be measurable and achievable, and they should be aligned with the overall mission and vision of the organization or individual.
- Assessing the current situation: Assessing the current situation helps in determining the gap between the current state and desired state.
- Identifying resources: Resources refer to anything that can be used to achieve goals. It includes human, financial, technological resources, and other assets.
- Developing strategies: Developing strategies involves determining the best approach or course of action to achieve the goals. The strategies may vary depending on the goals, available resources, and external factors.
- Implementation: This is the process of executing the plan. During this stage, the plan is put into action.
- Monitoring and evaluation: Monitoring the progress of the plan and evaluating the results helps in determining the effectiveness of the plan and making necessary changes.
Planning is essential for achieving success in any endeavor, as it provides direction, focus, and a clear roadmap for reaching desired outcomes.
Nature/Features of Planning
Rationale (Need) for Planning
Process of Planning (Procedures/Steps)
Benefits/Advantages/Importance of Planning
Pitfalls/Limitations/Constraints of Planning
Types of Plan
- Classification of Plan on the Basis of Managerial Hierarchy.
- Classification of Plan on the Basis of Uses
- Classification of Plan on the Basis of Flexibility.
- Classification of Plan on the Basis of Time:
Meaning of Decision Making
Nature/Features of Decision Making
Importance of Decision Making
Types of Managerial Decisions