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Q.OR — Explain in brief the planning process.

Meghalaya MboseMBOSE Meghalaya Intermediate Board (Commerce) 2023Subjective· 6mImportance★★★★★
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The planning process has seven broad steps, from setting objectives to following up on implementation.

  1. Setting objectives — the first step is to clearly state what the organisation wants to achieve; objectives should be specific and stated for the organisation as a whole as well as each department.
  2. Developing premises — planning premises are the assumptions about the future environment (economic conditions, government policy, competition) on which the plan will be based; all managers involved should agree on these assumptions.
  3. Identifying alternative courses of action — once objectives and premises are set, the possible ways of achieving the objective are identified; there are usually several alternatives, not just one obvious path.
  4. Evaluating alternative courses — each alternative is weighed for its strengths and weaknesses in light of the objective to be achieved, considering factors like risk, cost and resource availability. …

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