PLANNING: Elements of Planning Part - I

PLANNING: Elements of Planning Part - I

Planning is anticipating the future course of action which helps us to accomplish the pre decided goals or objectives. Following below given are some of the main fundamental elements of planning and are as:-

Objectives:

The activities of the business or industrial unit are aimed at achieving the objectives which are the basic reasons or goals. These objectives are the ultimate or end results for any business endeavor and planning has to perform this.

“Objectives are the goals, aims or purpose that organization wishes to achieve over different period of time.”  by ……. D. E. Mc Farland.

This definition confirms all that we would like to say on Objectives.

Finalizing an objective is the initial step of planning.  Objectives decided must be very clear, well defined and systematically explained. Success of an organization as well as of its management totally depends on the clear well defined objectives. It is the objective that makes planning possible and viable. 

Forecasting:

The Forecasting is the second most important element in planning. As per the organizational pre decided goals, planning forecasts the different aspects such as the man power needed, finance required and amount to be produced and many more issues.

Policies:

According to Koontz & O’Donnell, Policies is defined as:-

“Policies tend to pre determined issues, avoid represented analysis and consideration of general course of action and give a unified structure and other types of plans, thus permitting manager to delegate authority.”  

Statements of understanding, which are designed for accomplishment of objectives in an organization, are known as Policies. This specifies certain manner, according to which employees of an organization has to perform in a specific problematic condition.  

Policies generally describe the applicable level of managerial action that may be utilized. Well defined policies help in coordinating & guiding the subordinates in their activities. Policies support managers in overall supervision and control, in an effective way. Hence, it is clear that insufficient defined policies would result in the failure of an enterprise. 

Procedures:

The procedures basically decide the systematic way for job performance and the required actions that have to take place.

Steps that take place in a specific sequence in a business or industrial unit for policy enforcement and achievement of objectives are the recommended procedure of that unit.

This specifies how a particular work should be performed, and to be followed by all performing or doing the same job. Any procedures decided, have to be within the required parameters of the enterprise, this brings, efficiency, uniformity, consistency of action, cooperation and coordination.

NOTE: Few more points would be discussed in the next Blog.