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Planning requires innovation, creativity and multi-tasking from the managers.And planning is a function that managers of all levels must perform, i.e upper, middle and lower management.In such a dynamic environment it becomes challenging to predict future changes.
So the managers have to be creative, perceptive and innovative.
In business planning the goals of the organization have been set, an action plan developed and even predictions have been made for future events.
It sets up the stage for all further functions of management like organizing, directing etc. We already know what planning is, it is the deciding of what is to be done in advance.
It is the groundwork for all future plans of the organization.
Once the objectives are set, the managers and workers can have a clear vision of what to work towards.
Managers are a very important part of the function of business planning.Without planning their actions would be uncoordinated and unorganized.Planning not only sets objectives but also anticipates any future changes in the industry or the organization.Or the manager may be unwilling to change the plan.This sort of rigidity is not ideal for an organization.Planning bridges the gap between where the organization currently find itself and where it wishes to be.So in essence business planning comprises of setting objectives for the organization and developing a plan of action to achieve these objectives.Planning is an important function of management, it tells the manager where the organization should be headed. Let us take a look at some important functions of planning.Planning means coming up with a predetermined action plan for the organization.In an economic environment rarely anything is stagnant or static.Economic, political, environmental, legal conditions keep changing.