Question

Question: Explain the meaning of planning and explain the different types of plans. (FOR INSTANCE: human resource plan, monetary plan and financial plan) Explain all the different plans in the organization with examples

Answer 1

Planning is something which is done considering dynamics of environment, taking consideration of future changes and long term benefits.

So, proper planning is useful in dynamic changeable environments rather than having nothing in your arsenal. It useful because-

1. It derive from a define purpose in the mind, which help to guide in a planned path.
2. Planning is done considering dynamics and forces in the environment which help make the plan successful.
3. Planning is done to develop effective response to the changeable environment .

So, in a nutshell we can say planning is handy to counter dynamic environments. Effective planning will ultimately result in achieving organization goal and objectives.

Few example of different type of plan are-

1. human resource plan- HR plan is to help an organization to build and sustain a workforce than meet business need of the organization. A sustainable a well skilled workforce help an organization perform better than it’s competitors build competitive advantage over competitors.
2. Monetary plan- It is related to control the flow of money in organisational and individual level. Monetary plan help the organization use their monetary resource in an optimum way.
3. Financial plan- It help to chalk out financial plan of the organisation . It set goal for financial target of the organisation, to evaluate performance of the organisation.