In a complex business situation, planning helps managers meet the challenges posed by the environment, while at the same time minimizing the risks associated with them. Planning is a prerequisite not only for achieving success but also for surviving in a complex and competitive world.
Planning is very important in all types of organizations. It forces organizations to look ahead and decide their future course of action so as to improve their profitability. Organizations that plan in advance are more likely to succeed than those which fail to plan for the future.
Planning is the first step in the management process. It ensures that the employees of an organization carry out their work in a systematic and methodical manner. It also helps coordinate and control various tasks and makes sure that resources are used optimally.
- Focuses Attention on Objectives
- Offsets Uncertainty and Risk
- Provides Sense of Direction
- Provides Guidelines for Decision-making
- Increases Organizational Effectiveness
- Provides Efficiency in Operations
- Ensures Better Coordination
- Facilitates Control
- Encourages Innovation and Creativity
- Facilitates Delegation