Write short answers of the following :
Write a note on the importance of planning.
ANSWER:
The importance of planning can be explained through the following points:
i. Renders direction - Planning clearly states the goals and objectives to be achieved and guides the managers on what is to be done and how it is to be done.
ii. Subdues risks - Planning helps in foreseeing future. Various plans are formulated considering the expected future events. Thus, planning reduces the uncertainty of unforeseen events.
iii. Minimises overlapping - As the managers are familiar with the policies and plans, they coordinate the activities to achieve the set objectives. This helps in reducing the overlapping of work.
iv. Essential for controlling - By clearly stating the objectives that are to be achieved, planning sets the standards against which the overall performance is to be evaluated, thereby helping in effective controlling.
v. Promotes innovation - Formulation of plans and policies is an intellectual process that requires creativity and innovation on part of managers.
