Explain the following as features of planning function of management:
(i) Planning focuses on achieving objectives.
(ii) Planning is futuristic.
(iii) Planning involves decision making.
(i) Planning focuses on achieving objectives. (ii) Planning is futuristic.
(iii) Planning involves decision making.
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Solution and Explanation
Features of Planning Function of Management
(i) Planning Focuses on Achieving Objectives:
Planning is always goal-oriented. It provides a roadmap for achieving organisational objectives efficiently. All planning activities are directed towards clearly defined goals.
Example: If a company aims to increase its market share by 15%, all plans will be focused on achieving that target.
(ii) Planning is Futuristic:
Planning is forward-looking. It involves forecasting future conditions and making decisions today for activities to be carried out in the future. It helps managers anticipate challenges and prepare accordingly.
Example: A firm planning to launch a new product next year will study future market trends and customer preferences.
(iii) Planning Involves Decision Making:
Planning is essentially a process of making choices among various alternatives. Managers evaluate different courses of action and select the best possible option to achieve objectives.
Example: A business may decide between expanding in a new market or improving its current product line based on careful planning.
Conclusion: These features show that planning is a purposeful, future-oriented, and decision-based activity essential for successful management.
Top Questions on Planning
Nishi had gone to a grocery store to make routine purchases. On reaching home, as she took out Binx tomato chips packet from the bag to give it to her son, she felt that it was underweight. She checked its weight on the kitchen weighing scale and found that it weighed 60 grams whereas the label on the chips packet mentioned the weight of the packet as 100 grams. She approached the manufacturer and complained about it. The manufacturer offered her a gift hamper and requested her not to disclose this to anyone. Nishi refused to accept the gift hamper and took the issue to a redressal agency.
- (a) Explain any four points of importance of ‘Planning’ function of management.
OR
(b) Explain the steps in the process of ‘Organising’ function of management. - ‘Leno’ is a reputed car manufacturing company, which is going to complete its 75 years in October 2024. The Chief Executive Officer of the company decided to take the company to a higher level. For this he called a meeting of all departmental heads of the company. In the meeting, the Chief Executive Officer proposed a target to increase sales by 10% and profits by 20% in its Platinum Jubilee year. The Human Resource Manager estimated that an increase of 500 workers would be required to achieve the target. The Finance Manager suggested that the company must hold adequate cash balances for various purposes, and he will prepare a statement showing the estimated cash inflows and outflows for this particular period. Identify and explain two types of plans discussed in the above case.
- (a) Explain any four characteristics of planning.
OR
(b) Explain any four points of importance of decentralisation. - ‘Leno’ is a reputed car manufacturing company, which is going to complete its 75 years in October 2024. The Chief Executive Officer of the company decided to take the company to a higher level. For this he called a meeting of all departmental heads of the company. In the meeting, the Chief Executive Officer proposed a target to increase sales by 10 percent and profits by 20 percent in its Platinum Jubilee year. The Human Resource Manager estimated that an increase of 500 workers would be required to achieve the target. The Finance Manager suggested that the company must hold adequate cash balances for various purposes, and he will prepare a statement showing the estimated cash inflows and outflows for this particular period.
Identify and explain two types of plans discussed in the above case.