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EDUindex News

PROCESS OF PLANNING

Planning is a major part of the business. In fact, it is the first and foremost step by the organization towards the achievement of their goal. In terms of business, it basically refers to the process of setting up of objectives in a given time period and analyzing all of the alternatives possible to achieve those objectives and then finally, choosing the correct method to do so.

We can tell by its definition itself that it is a crucial part of the business that cannot be ignored. Let us now discuss how this important step is initiated by an organization and what goes on in order to achieve a perfect plan.

 

SET OBJECTIVES

The first step is to set up the objectives that you want to achieve. These objectives could be both short-term and long-term. They basically give you a direction to work in. you can plan your next steps and actions according to these objectives and develop a proper plan. These objectives must be set for the entire organization, from the top management to the employees to the field workers. Everyone should know what they are aiming for.

 

DEVELOP A PREMISE

Since planning is something that is done for an uncertain future event, there always have to be certain assumptions made. These assumptions are the base of the plans and they called the premises. They help to foresee the unpredicted losses in future and also helps in preventing them.

 

RECOGNIZE THE ALTERNATIVE COURSES

The next step is very important. In order to reach your destination, there could be several ways. Similarly, in order to achieve your objectives, there are several options available. You will have to identify and gather all of these alternative options so that you will have more options to choose from. There is rarely a plan for which there are no alternatives available.

 

ASSESS THE ALTERNATIVE COURSES

There are negative as well as positive impacts of all the alternative options you have in your hand. In order to choose one, the head or the manager must be aware of all the pros and cons of these alternatives. Not just this but, the financial feasibility and the risks must also be measured before selecting one as your main plan. Besides, the manager must also measure the profitability of each one of these alternatives as profit is one of the common goals of all the companies.

 

SELECT AN ALTERNATIVE

Now, this is the real decision-making time. after the evaluation of all the alternatives, the manager must know which one will prove to be the most profitable at the least risk. He must not make a mistake while choosing one because this is the plan that the whole organization will follow and the wrong one might result in the failing of the achievement of the goals.

 

EXECUTION OF THE PLAN

Now that the most suitable plan has been chosen, it must be properly executed. Execution means putting and the plan into action as in doing the correct job towards the achievement of the goal. Not just this, but it should also be noticed by the heads of every department that all the employees are genuinely committed to doing their work efficiently and effectively.