Planning is firmly correlated with discovery and creativity. However, the manager would first have to set goals. Planning is an essential step what managers at all levels take. It needs holding on to the decisions since it includes selecting a choice from alternative ways of performance.
Characteristic Features of Planning:
The planning function of the management has some special features. These features cast enlightenment on its scope and nature.
- Planning focuses on achieving objectives: Companies are set up with a common goal in view. Explicit purposes are placed out in the projects along with the ventures to be initiated to accomplish the goals. Therefore, planning is helpful.
- Planning is a primary function of management: Planning puts down the foundation for other operations of management. All other managerial duties are conducted within the structure of the ideas outlined. Consequently, planning leads to other operations. This is also mentioned as the supremacy of planning.
- Planning is continuous: Plans are outlined for a particular period of time, perhaps for a period, a quarter or a year. At the completion of that period, there is a requirement for a new policy to be formed on the support of new conditions and future circumstances.
- Planning is futuristic: Planning typically includes looking forward and outlining for the future. The idea of planning is to coincide future results efficiently to the valid advantage of an association. It means glancing into the future, investigating it and foretelling it. Planning is, therefore, perceived as a forward-looking capacity based on predicting.
Limitations of Planning:
The limitations of Planning are furnished below:
- Planning leads to rigidity: In industry, a well-defined plan is brought up with particular objects to be gained within a precise time frame. These plans then determine the future plan of action and managers may not be in a situation to replace it.
- Planning may not work in a powerful environment: The business environment is powerful, nothing is fixed. The environment comprises a number of economic, dimensions, physical, political, social and legal dimensions. The company has to continually accommodate itself to innovations.
- Planning reduces creativity: Planning is an exercise which is performed by the top level management. Normally, the rest of the employees just executes these projects. As a result, middle management and other decision-makers are not allowed to vary from plans nor are they allowed to perform on their own.
The above mentioned is the concept, that is elucidated in detail about the ‘Features and Limitations of Planning’ for the class 12 Commerce students. To know more, stay tuned to BYJU’S.