What is Planning?
Planning is the primary function of all businesses. It is the first step on deciding what to do, how, where and when a specific work has to be done and complete a task successfully. Planning is important to process a project and get the expected result in an allocated time and budget.
Few points that describe why planning is essential for any organisation:
- It assists the management and employees to enhance future production.
- With planning, it reduces the risk and unpredictability in the future.
- It gives structure to the workflow of business and avoids overlapping of activities and eradicates unfruitful work.
- Provides direction to the employees work.
- It distinguishes and recognises future possibilities and threats.
Planning exists in all types of businesses, households, division, economies, etc.,
What is Controlling?
Controlling is the main goal and responsibilities of all management in any enterprises. It is used to compare the factual performance with the standard of the company, and to make sure that the activities are performed according to the plan. Few features of Controlling are:
- It helps to achieve an organization’s goal
- Overview utilization of resources
- Estimates accuracy of the standard
- Place order and discipline
- The correctness of future planning
- Reduces error
An efficient control system facilitates management to avoid an unpleasant situation which results in the company’s loss.
This article is ready to reckoner for all the students to learn the difference between Planning and Controlling.
|Meaning||It is the first step on deciding what to do, how, where and when a specific work has to be done||Controlling is the main goal and responsibilities of all management in any enterprises.|
|Function||Planning is about looking ahead||Controlling is looking back|
|Process||It is the first process in building a business||It is the last structure any business|
|Features||Planning, arranging, employee, direction||Controls all the planning features|
The above mentioned is the concept, that is elucidated in detail about ‘Difference between Planning and Controlling’ for the Commerce students. To know more, stay tuned to BYJU’S.