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Planning (Features (Is continuous, Is futuristic, Is Pervasive, Involves…
Planning
Features
Is continuous
Is futuristic
Is Pervasive
Involves decision making
Is a primary function of management
Is a mental exercise
Focuses on achieving objectives
Steps
Setting Objectives
Developing Premisis
Identifying alternative courses of action
Evaluating alternative courses
Selecting an alternative
Implementing the plan
Follow-up action
Importance
Reduces overlapping and wasteful activities
Promotes innovative ideas
Reduces risk of uncertainty
Facilitates decision making
Provides direction
Establishes standards for controlling
Limitations
Reduces creativity
Involves huge costs
May not work in a dynamic environment
Is a time-consuming process
Leads to rigidity
Doesn't guarantee success
Types of Plans
Standing plans
Policies
Procedures
Method
Rule
Single-use plans
Programme
Budget
Neither
Objectives
Strategy
Adopting a particular course of action
Allocating resources to achieve the objective
Determining long-term objectives