Plus Two Business Studies Notes Chapter 4 Planning
Chapter 4 – Important Topics: Concept and Meaning of Planning Importance of Planning Features / Nature of Planning Limitations of Planning Planning Process (Steps) Types of Plans – Single-use and Standing Plans Detailed Types: Objectives, Strategy, Policy, Procedure, Method, Rule, Programme, Budget Concept of Planning According to Koontz and O’Donnell “Planning is deciding in advance, what to do it, when to do it and who is to do it. Planning bridges the gap from where we are to where we want to go. It makes possible for things to occur which could not otherwise happen.” “Planning is deciding the best alternative among others to perform different managerial operations in order to achieve the predetermined goals” – Henry Fayol. Planning: Deciding in advance what to do, how to do it, when to do it, and who is to do it. It bridges the gap between where we are and where we want to go. Simple Explanation: Planning is like making a roadmap before a jou...
