In: Economics
what is meant by planning process and what are some of its basic characteristics? what role can the different types of planning models play in this process?
Planning is the process of deciding in advance what work has to be done,when it will has to be done,how it has to be done,by whom it will be done.
Basic Characteristics of planning are as followed:
Planning is the basic managerial function performed prior to any task being undertaken
Planning is a continous activity performed, theres no end to it as if the made plan matches with the ongoing plan yet planning would be required to make it more efficient.
Planning is a highly intellectual process as most of the time it involves deciding between the given alternatives, allocation of resources etc.
Planning is always goal oriented has as it provides a rational approach to achieve the determined organisational and also it is always time bound.
Some Different types of planning models and their effect:
Standing planning; Such plans are developed for the regular day to day activities taking place in the organisation,it helps to develop an environment where the operations run smoothly.
Methods; Method planning helps gives a clear insight to the people about the steps to be followed while undertaking a particular event or task.It eliminates the possiblity of any confusion that improves efficiency.