Everything has to be planned in our life for early achievement and this stays good with the business management as well. And it is done as well there may not be any organization in the world which does not plan its work and the determine the objectives.
Soon after they determine the objectives they need to have an effective plan to achieve those plans with the effective utilization of the available resources.
If you want to know what is planning, then your search ends here. Because in this article of mine, I will tell you about the meaning, definition, advantages, and disadvantages of the same.
What is Meaning of Planning?
So without wasting much of time let us check out the meaning of planning. Planning is about deciding in advance what is to be done in the future. It includes deciding on everything happening in the organization like organizing, staffing, directing etc.
A planning period may be short-term or long-term one of the characteristics of the human being is he can make plans. Planning is the first and foremost function of the management.
Definition of Planning
According to Harold Koontz and O’Donnell, planning is deciding what is to be done, when to do it and who is to do it. It bridges the gap between where we are to where we want to go.
Features of Planning
The features are mentioned below.
- Planning is looking into future.
- It is a continuous process.
- It is done by all.
- It is the basis for all the managerial functions.
- It is essential in all the levels of the management.
- It helps in discovering the best alternative course of action.
- It requires a considerable amount of time.
- It directs the member of the organization.
- It is an interdisciplinary process.
- It leads to growth and prosperity of the organization.
Advantages of Planning
The advantages are as mentioned below.
1) Better Utilization of Available Resources.
It helps to utilize the resources in an effective manner. The resources may be financial, human or physical resources.
2) It helps in achieving objectives.
If the things are properly planned in the organization it will help them in achieving the determined objectives faster.
3) It Brings Cooperation.
Planning helps to provide cooperation and coordination between all the activities of the organization. It provides unity of programs and directions which will help to avoid interdepartmental confidence.
4) Motivation.
A well-defined plan will encourage the employees of the organization and provides them effective thoughts. Planning motivates the employees by communicating with them.
5) The anticipation of Crisis.
Careful planning will avoid the crisis which is likely to occur in the future. And management can reduce organizational disturbance.
Disadvantages of Planning
The disadvantages are mentioned below.
1) It is time-consuming.
The effective planning will take a lot of management time because there is a requirement of collecting information which will take time. and hence it is time-consuming.
2) Costly.
Planning requires the collection of necessary information, careful analysis of information and selection of the best alternative which requires more expenditure.
3) Inflexibility.
Once the plan is created the management has to go along with that plan. They can not change it suddenly and if they decide to change it they have to spend a lot of money on it.
4) Political Claims.
The manager cannot change easily the attitude of the employee or the regulations of the business according to the changes.
For example, taxation policy, manufacturing goods and service and their taxes and duties etc.
Conclusion
So this was all about what is planning and its meaning, definition, features, advantages, and disadvantages. I hope you are clear with all the information that is mentioned in this guide. If you have any kind of doubts then you can comment down below.