DD: Planning

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A process whereby the relevant facts are collected and analyzed, the assumptions and premises are made for the future. In light of these assumptions and premises, a plan of action believed necessary to achieve the desired results is visualized and formulated. It involves choosing the proper course of action from among alternatives and calls for decision making. All other functions of management depend on planning. Furthermore, management is a dynamic process and therefore so is planning - the process is continuous in light of overlapping functions and changing environment.

Importance:
  1. Makes personnel conscious of enterprise objectives
  2. Leads to economy in operations  
  3. Precedes control 
  4. Precious managerial instrument to provide for the future 
  5. Influences efficacy of other managerial functions 
Types of Plans:
  1. Business plans - a formal statement of:
    1. largely enforced business goals
    2. the reasons why they are believed attainable 
    3. the plan for reaching those goals 
  2. Marketing plans - keep changes in perception and branding as their primary goals 
  3. Operational plans - Describe the goals of an internal organization, working group or department 
  4. Project plans - goals of a particular project, and its place within the organization's larger strategic goals.
  5. Strategic plans - business plans that identify and target internal goals but provide only general guidance on how those plans can be attained. 
Planning Components: 
  1. Purposes/ mission 
  2. Objectives 
  3. Policies 
  4. Procedures, methods and rules 
  5. Budgets
  6. Programme
  7. Strategy 
Forecasting: Analysis and interpretation of the future conditions in relation to operations of the enterprise. 
Steps:
  1. Identifying and developing the structure 
  2. Forecasting future course of business 
  3. Analysis of deviations 
  4. Improving the existing forecasting procedure 
Decision making: signifies actual selection of a course of action from among a number of alternatives. Various situations can be divided into three possible conditions:
  1. Certainty - where the decision maker knows exactly what will happen.
  2. Risk - Some information is available but it isn't sufficient to answer all questions about the outcome.
  3. Uncertainty - No way of measuring the likelihood of the various alternatives.
Principles of Decision Making
  1. Principle of Definition - real problem has to be defined with minute attention.
  2. Principle of Evidence - Decisions should be based on evidence and adequate facts to back the judgment. 
  3. Principle of Identity - Perspectives on the same fact differ from person to person, and the relative importance of such facts differ from year to year. 
A hierarchy of decisions can be established in terms of the commitment, scope and risk involved in each decision. 

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