Explain the steps involved in planning?
Explain the steps involved in planning?
The steps involved in planning are as follows
(i) Setting objectives : The first step involves establishing objectives for the entire business at all levels based on the outcomes and goals for each outcome. The outcomes, goals and objectives for a plan broadly aim at identifying and allocating a business' resources in accordance to the requirements of the market and internal working or the business.
(ii) Considering planning premises : A premise is a statement on certain assumptions about the business environment in which the plan has to be carried out. This step involves forecasting methods on determining possible sales, salaries, taxes, etc which the company can obtain or is expected to obtain.
(iii) Identifying alternatives : This step involves determining possible alternative course of actions or sequence of activities that will be required to attain the required objectives. Alternative course of actions can be evaluated by depicting comparative costs and benefits, possible opportunities or risks etc.
(iv) Comparing alternatives : The alternatives identified from the earlier step are examined for their strengths and weaknesses in accordance to attaining organisational goals
(v) Choosing an alternative : This step involves choosing the right plan to achieve the stated goals and objectives of the business by following a thorough analysis among managers.
(vi) Implement the plan : After selecting a suitable plan, suitable human and physical resources are allocated for effective implementation of the plan. Sequential order of activities in the plan are decided and quantified by making budgets that measures incomes, expenditures, resultant profits or surplus. (vii) Follow-up action : The implemented plan is followed up to review its progress to ensure all actions mentioned in the plans successfully cater to organisational goals and objectives.
The steps involved in planning are as follows
(i) Setting objectives : The first step involves establishing objectives for the entire business at all levels based on the outcomes and goals for each outcome. The outcomes, goals and objectives for a plan broadly aim at identifying and allocating a business' resources in accordance to the requirements of the market and internal working or the business.
(ii) Considering planning premises : A premise is a statement on certain assumptions about the business environment in which the plan has to be carried out. This step involves forecasting methods on determining possible sales, salaries, taxes, etc which the company can obtain or is expected to obtain.
(iii) Identifying alternatives : This step involves determining possible alternative course of actions or sequence of activities that will be required to attain the required objectives. Alternative course of actions can be evaluated by depicting comparative costs and benefits, possible opportunities or risks etc.
(iv) Comparing alternatives : The alternatives identified from the earlier step are examined for their strengths and weaknesses in accordance to attaining organisational goals
(v) Choosing an alternative : This step involves choosing the right plan to achieve the stated goals and objectives of the business by following a thorough analysis among managers.
(vi) Implement the plan : After selecting a suitable plan, suitable human and physical resources are allocated for effective implementation of the plan. Sequential order of activities in the plan are decided and quantified by making budgets that measures incomes, expenditures, resultant profits or surplus. (vii) Follow-up action : The implemented plan is followed up to review its progress to ensure all actions mentioned in the plans successfully cater to organisational goals and objectives.
