In: Economics
i)Identify and briefly discuss two important aspects
of planning
ii)What is a vision? Identify and explain any two reasons why a
vision is important in planning?
please explain in detail
Answer (i) :- Planning is a pre-requisite not only for achieving success but also as for surviving in a complex and competitive world. It forces organizations to look ahead and decide their future course of action so as to improve their profitability.
Two important aspects of planning are :-
1. Gives right direction
2. Helps to achieve objectives
For Example :-
Gives right direction :- Direction means to give proper information, accurate instructions and useful guidance to the subordinates. It is impossible without planning. It is because planning tells us what to do, how to do it and when to do it. Therefore, planning helps to give the right direction.
Helps to achieve objectives :- Every organization has certain objectives or targets. It keeps working hard to fulfill these goals. Planning helps an organization to achieve these aims, but with some ease and promptness. Planning also helps an organization to avoid doing some random ( done by chance) activities.
Answer (ii) :- A vision is a mental picture of the result you want to achieve - a picture so clear and strong it will help make that result real. A vision is not a vague wish or dream or hope. It’s a picture of the real results of real efforts. It comes from the future and informs and energizes the present. Visioning is the most powerful tool I have witnessed in over twenty years of helping organizations and individuals get the results they want.
Two reasons why a vision is important in planning :- (I will explain the two reasons in context of organization)
1. Vision play an important role in the organization, it define the purpose of the organization and instill a sense of belonging and identity to the employees. This motivates them to work harder in order to achieve success.
2. Vision provide a focal point that helps to align everyone with the organization, thus ensuring that everyone is working towards a single purpose. This helps to increase efficiency and productivity in the organization.
Thus, they help to shape the strategy or planning that will be used by an organization to achieve the desired future.
Vision and Planning are very important and they can best be described as a compass and destination of the organization respectively. Therefore, every organization should develop clear vision and planning, as not doing so would be like going on a journey without knowing the direction you are to follow or the destination.