BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Planning does not guarantee success. The success of an enterprise is possible only when plans are properly drawn up and implemented. Managers have a tendency to rely on previously tried and tested successful plans. It is not always true that just because a plan has worked before it will work again.

Detailed explanation-2: -It is not true that if a plan has worked successfully in past, it will bring success in future also as there are so many unknown factors which may lead to failure of plan in future. Planning only provides a base for analyzing future. It is not a solution for future course of action.

Detailed explanation-3: -Rules are specific statements that inform what is to be done. They do not allow for any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. They are usually the simplest type of plans because there is no compromise or change unless a policy decision is taken.

Detailed explanation-4: -A contingency plan is sometimes referred to as “Plan B” or a backup plan because it can also be used as an alternative action if expected results fail to materialize. Contingency planning is a component of business continuity (BC), disaster recovery (DR) and risk management.

Detailed explanation-5: -Planning is not a guarantee of success of a business because planning function is based on certain assumptions regarding future or no one can give guarantee that assumptions regarding future are hundred percent accurate. The planning function suffers from certain limitations.