In this essay there is in-depth discussion about the function on planning. The importance of planning, and why it is required in every managerial activity is brought out by this essay. The nature and is effects on the other managerial functions. The various situations and problems faced if planning fails.
2.The importance of planning in the modern world:
In the dynamic environment of the modern world, time is considered as money. One needs to be at the right place at the right time in order to gain maximum benefit from time. New age has brought along with it innumerable life-changing opportunities. There are many who understand the delicacy of the nature of opportunities offered by time and manage to gain their share and on the contrary, there are many who can not avail the opportunities the developing modern world has to offer merely because of an unplanned and distorted approach toward time management. World in the present age is so rich methodologically that one task can be done in a number of ways. However, in order to be successful, it is imperative that one chooses the right course of action among the variety of ways in which a task can be done. Hence effective and appropriate time management is the key to success, and planning is undoubtedly the fundamental prerequisite and can be considered as the soul of time management. However, the function of planning is not complete until the goals are achieved. This paper analyzes the nature and function of planning with an emphasis on its functionality toward the achievement of the organization’s goal.
3.Nature and functions of planning:
Planning can be defined as:
“Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap between where we are to, where we want to go. It makes Possible things to occur which would not otherwise occur”. (Koontz & O’Donell, cited in www.managementstudyguide.com, 2009).
The process of planning is systematic in nature and it is imperative that the planner has a mission and a vision prior to starting the process of planning. Planning answers three basic questions fundamental to the accurate cost and time estimation involved in a project. The three questions are, “who does what?, when is it done?, and how is it done?”. All an estimator needs to know is the right answer to these three questions in order to develop a schedule on which the whole project would be based. It is a very basic function of the overall management. “Without adequate planning, the management process fails and organizational needs and objectives cannot be met”. (Marquis and Huston, 2009,p.140). It is often said that “Well planned is half done”. (Purho, 2004). In order to analyze the functionality of a plan in the context of a project or other matters of daily life, it would be rational to have a deep insight into the nature of planning. According to (Ward and Morris, 2004), the ideal approach should be that a plan needs to be wholesome in nature in that contents should be structured in such a way that they reveal how the goals can be achieved, and it should be efficient so as to evaluate and estimate the thoughts and actions that form a part of the plan and also, a plan should be easy and foolproof with easy to remember instructions that reduce the chances of anything going false. Comparing the five
Functions of management namely the planning, organizing, staffing, leading and controlling, (Erven, n.d.) refers to planning as the fundamental function of management from which the rest of the four functions offshoot. (Pride et al, 2010, p. 169) argue that planning is frequently termed As the “first” management function because it decides the course of action for all other managerial functions. Planning is unique in its nature irrespective of whether it is being conducted for some matter of daily life or a business project. It is affected by various social, political and...