Planning – Features, Importance, Examples and Steps (Management Video 2)

Planning is a management process that decides beforehand about how what and when things must be done and who should do it.

Planning helps an organization to carry out all its activities related to policies, goals, objectives, and procedures in an organized manner

Features of Planning
• Determining objectives
• Forward-looking concept as it is about meeting future goals
• Continuous process
• Finding the best and most suitable alternative

Importance of Planning
1. Provides direction
2. Minimizes the risk of uncertainty
3. Encourage innovative ideas
4. Helps in decision-making
5. Puts the onus on achieving organizational objectives

Examples of Futures plans in India
1. Google

Components of planning
1. Standing Plans
• Also known as Repeated-Use Plans as they are guidelines for future actions
• Help in taking managerial decisions when faced with recurring issues

2. Single-use Plans
• Also known as Specific Plans as they help to solve a specific problem
• Helps to handle non-recurring issues

Steps in the Planning process
1. Determining the objectives
2. Gathering information and forecasting
3. Development of planning premises
4. Finding an alternative course of action
5. Selecting the best option
6. Framing the plans
7. Communicating the plan with interested stakeholders
8. Taking follow-up measures

Limitation of Planning
• Expensive
• Time-consuming
• Limits employee initiatives and creativity
• Fixed assets require capital and this limits planning
• Inaccuracy in planning

Essentials of Good Plan
• Based on defined objectives
• Simple and easy to follow
• Rational
• Comprehensive
• Proper analysis of actions
• Flexible
• Balanced

This video is on Planning and it has the following sub-topics.

Time Stamps
0:00 Introduction to Planning
00:31 Features of Planning
01:18 Importance / Significance of Planning
01:36 Examples of Futures plans in India
02:05 Components of planning
03:04 Steps in the Planning process
03:35 Limitation of Planning
03:54 Essentials of Good Plan