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Q.(OR) Describe the process of Planning.

Madhya Pradesh MpbseMP Board (MPBSE) Higher Secondary (Commerce) 2022Subjective· 4mImportance★★★★★
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Planning process: objectives → premises → alternatives → evaluate → select → implement → follow-up.

Steps in the process of planning:

  1. Setting objectives — decide clearly what is to be achieved.
  2. Developing premises — make assumptions/forecasts about future conditions.
  3. Identifying alternative courses of action — list the possible ways to reach the objective.
  4. Evaluating alternatives — weigh the pros and cons of each against the objectives.
  5. Selecting the best alternative — choose the most feasible and profitable option. …

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