Question

State any four points of importance of planning function of management. OR Explain the following types of plans: (i) Objective (ii) Programme

Accepted Answer

Importance of planning: (i) Planning provides directions by deciding in advance what action should be taken. (ii) Planning reduces the risks of uncertainty by anticipating changes and developing managerial responses to them. (iii) Planning reduces overlapping and wasteful activities by coordinating the activities of different divisions. (iv) Planning promotes innovative ideas requiring application of mind and foresight. (v) Planning facilitates decision making by making a choice from among the alternative courses of action. (vi) Planning establishes standards against which actual performance is measured. OR Q. (b) Explain the following types of plans: (i) Objective (ii) Programme Objective § An objective is the end which the management seeks to achieve. It is set by the top management and focuses on broad general issues. § An objective needs to be expressed in specific/ quantitative terms and is to be achieved within a given time period. Programme § Programme is a detailed statement about a project which outlines the objectives, policies, procedures, rules, resources required and the budget to implement any course of action. § The minutest details are worked out i.e., procedures, rules, budgets, within the broad policy framework.

State any four points of importance of planning function of
management.

Marking-scheme solution

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(a)OR(b)State any four points of importance of planning function ofmanagement.Explain the following types of plans:(i)Objective(ii)Programme

Marking-scheme solution

More from Planning

State any four points of importance of planning function of
management.