BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Planning is made to achieve desired objective of business. The goals established should general acceptance otherwise individual efforts & energies will go misguided and misdirected. Planning identifies the action that would lead to desired goals quickly & economically.

Detailed explanation-2: -Simply put, a strategic plan is a vision of your organization’s future and the basic steps required to achieve that future. A good plan should include goals and objectives, desired outcomes, metrics for measuring your progress, timelines, and budgets.

Detailed explanation-3: -Planning helps us decide how best to use our resources (people, time, money, information, equipment) so that they make the most significant contribution to achieving our goal. Planning lays the basis for us to assess and evaluate our achievements effectively.

Detailed explanation-4: -In particular, planning helps to critically assess the goal to see if it’s realistic. It facilitates decision making and allows setting a time frame by predicting when the company can achieve its goal. It also defines how to measure performance against the set goals and whose responsibility it will be.

Detailed explanation-5: -Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions.