BUSINESS ORGANISATION MANAGEMENT UNIT-2 NOTES [DIBRUGARH UNIVERSITY B.COM 1ST SEM NEP 2023]

 

Dibrugarh University B.com 1st Sem

Business Organisation Management

UNIT-2

PART: A - PLANNING STRATEGIC PLANNING AND DECISION MAKING

Complete Notes Based on NEP

Planning Meaning & Defination: 

Planning is a process that involves creating a detailed roadmap or strategy to achieve specific objectives or goals. It encompasses the systematic organization of resources, time, and actions to maximize the chances of successful goal attainment.

According to Henry Mintzberg: "Planning is the design of a desired future and of effective ways of bringing it about." 

- This definition highlights that planning is not just about envisioning a goal but also about developing practical means to reach that desired future state.

Importance of planning : 

1.Goal Achievement : It provides a structured approach to achieving goals, making it more likely that objectives will be met efficiently and effectively.

2.Resource Optimization: Planning helps allocate resources (such as time, money, and manpower) optimally, reducing wastage and improving resource management.

3. Risk Mitigation : It allows for the identification of potential challenges and risks in advance, enabling proactive measures to mitigate them.

4. Clarity and Focus : Planning clarifies the steps and priorities needed to reach a goal, helping individuals and organizations stay focused on what truly matters.

5.Decision-Making: It aids in making informed decisions by evaluating various options and their potential outcomes.

6.Time Management: Effective planning assists in managing time wisely, ensuring tasks are completed within deadlines.

7.Coordination: In organizational settings, planning facilitates coordination among team members and departments, fostering better collaboration.

8.Evaluation and Improvement: It provides a basis for evaluating progress, which in turn enables adjustments and improvements as needed.

9.Flexibility: While planning sets a structured path, it also allows for adaptability in response to changing circumstances or unforeseen challenges.

10.Long-Term Success: Consistent planning can contribute to long-term success and sustainability by ensuring that actions align with strategic objectives.

In summary, planning is a crucial process that enhances efficiency, reduces uncertainty, and increases the likelihood of achieving desired outcomes in personal, professional, and organizational contexts.

Essential features of Good Plan/Planning:

A good plan typically has the following essential features:

1. Clear Objectives: The plan should have well-defined, specific, and achievable goals or objectives.

2. Detailed Action Steps: It outlines a series of actionable steps or tasks required to achieve the objectives.

3. Timelines: A good plan includes timelines or deadlines for each task to ensure progress is monitored and goals are met on time.

4. Resource Allocation: It specifies the necessary resources, such as manpower, budget, and materials, required for implementation.

5. Accountability: Assigns responsibilities to individuals or teams, making it clear who is responsible for each task.

6. Flexibility: A good plan should be adaptable to changing circumstances or unforeseen challenges.

7. Evaluation and Monitoring: It includes mechanisms for tracking progress, assessing results, and making adjustments as needed.

8. Communication: Ensures that relevant stakeholders are informed and involved in the planning and execution process.

9. Risk Assessment: Identifies potential risks and includes contingency plans to mitigate them.

10. Alignment with Goals: The plan should align with the broader strategic goals and objectives of the organization or individual.

11. Cost-Benefit Analysis: Consideration of the costs involved in executing the plan compared to the expected benefits.

12. Measurable Metrics: Defines key performance indicators (KPIs) to gauge the success of the plan.

13. Legal and Ethical Compliance: Ensures that the plan adheres to legal and ethical standards.

14. Clarity and Simplicity: The plan should be easy to understand and not overly complex.

15. Stakeholder Involvement: Involves relevant parties in the planning process to gain their insights and support.

These features help ensure that a plan is well-structured, actionable, and capable of guiding successful implementation.

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