Steps in Planning Process

Steps in Planning Process

1. Steps in Planning Process PRANAV KISHOR CHOUDHARY HEMANT MANISH YADAV (MBA 1 st Year)

2. Planning Cycle

3. Awareness about the Opportunities Assess present and future opportunities Assess Trend of economic situation Understand the problems Assess strengths and weaknesses of Organization

4. Setting objectives Specify organisational and unit objectives Specify the expected results Indicate the end points of what is to be done

5. Determining Planning Premises It is the boundary under which plans will operate It is determined anticipated future events Factors affecting the plan need to be forecasted Accuracy of forecasting will determine the success of planning

6. Identification of Alternatives There are many way of doing a work Various alternatives can be identified based on the organisational objectives Best results will be achieved only when best way of doing a work is selected All the pros and cons of methods should be weighed before a final selection

7. Evaluation of Alternatives The various alternative should be analysed in the light of premises and goals Every alternative has merits and demerits A course of action may be suitable but it may involve huge investments and the other may involve less amount but it may not be very profitable

8. Formulating Supportive plans Subsidiary plans are needed to support the main plan These subsidiary plans are not independent plans but only a reflection of the main plan Examples: buying raw materials, recruiting and training personal, developing new product etc

9. Implementing the plans: The planning should be put into action so that business objectives may be achieved The implementation will require establishment of policies, procedures, standards and budgets For successful implementation plans should be communicated to everyone in the organisation

10. Reviewing plans Implementing the plan is not the end of the process. Constant monitoring of plans is needed to ensure success in the uncertain future Plans should be improvised according to change in internal or external environment.

11. Conclusion Planning is not an one-off trade rather it’s a continuous process. It starts from where it ends. We keep improvising until the goal is achieved.