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1. Planning
Unit 3

2. • Planning is defined as "defining objectives for a given period, designing
various courses of action to achieve them, and selecting the most
practicable alternative from the various alternatives." We may also
describe planning as the process of identifying goals and devising a plan of
action to attain them. Planning entails setting objectives and choosing the
best path of action in advance. Time is a crucial component in planning.
Plans are always made for a specific period because no firm can plan
indefinitely.Planning is essential for all organisations, whether public or
private or run by sole proprietors. To realise their dreams of increasing
sales, making large profits, and succeeding in business, all businessmen
must consider the future, make predictions, and achieve goals. Planning
entails deciding what to do, how to do it, and when to do it.

3. • Meaning of PlanningMaking decisions about what to do, why to do it,
and when to do it necessitates preparation. Before beginning a task,
management must plan out how to complete it. As a result, creativity
and innovation are inextricably linked to this management
function.Setting goals allows a manager to know where he needs to
go because planning bridges the gap between where we are now and
where we want to be. The actions taken by managers at all levels are
central to planning. It necessitates deciding because it involves
choosing one course of action over another.