Features Of Planning Business Studies ⑴ Planning focuses on achieving objectives: Planning has no importance unless it contributes to the accomplishment of predetermined organizational goals. Have you ever heard the saying 'Those who fail to plan, plan to fail'? Planning contributes positively in attaining the objectives of the business enterprise. Thus, there is harmony in the organisation, and duplication of efforts and conflict of jurisdiction are avoided. Every feature of Planning will be discussed in the Business Studies Class 12 Chapter 4 revision notes. CBSE class 12 Business Studies Planning class 12 Notes Business Studies in PDF are available for free download in myCBSEguide mobile app. Conducting business online is essential for many organizations. Planning precedes other functions in the management process. No other function can be executed by the manager without performing planning … 3. Evidently, evaluation of alternative is a must to arrive at a decision. If conditions have changed, the plan current plan has become outdated or inoperative it should be replaced by another plan. Without such a plan a business is likely to drift. This is because planning may involve expansion of capacity, changes in work methods, changes in quality, anticipation of tastes and fashions of people and technological changes etc. See the page in this guide on planning for business success. The article discusses in detail about the 5 basic functions of management, which are - planning… To maintain a symmetry of performance and a smooth flow of work, the sequence of operation shaped be arranged carefully by giving priorities to some work in preference to others. It also involves the selection of objectives, policies, procedures and programs from among alternatives. Planning premises are assumptions about the future understanding of the expected situations. This leads to success. Disclaimer Copyright. Explain how planning facilitates decision-making ? It is mixed in all managerial functions but there too it gets precedence. Specific and general forces: Business environment includes specific forces such as investors, customers, competitors and suppliers. Contingency planning involves: Preparing for predictable and quantifiable problems Preparing for unexpected and unwelcome events; How Contingency Planning Relates to Risk Management. Planning is one of the most important and crucial functions of management. Content: - Time management, personal goals, definition of success and a balance lifestyle (e.g. Business in Action provides students will the opportunity to actively engage in a practical and authentic learning experience that reflects activities undertaken regularly in the business environment. The Marketing Planning Process deals with guidelines regarding the launching of a product and making it the best seller in a specific period of time. Planning is a continuous function that never ceases. We already know what planning is, it is the deciding of what is to be done in advance. It needs mentioning in this connection that objectives must be understandable and rational to make planning effective. Effectiveness ensures that the organisation is in a position to achieve its objective due to increased efficiency of the organisation. This planning actually deals with all the strategies and policies adopted by management to sell their product in the market and achieving sales targets within the assigned time frame. Since plans are there from the very first stage of operation, the management is able to handle every problem successfully. An organisation without planning is like a sailboat minus its rudder. Content: - Time management, personal goals, definition of success and a balance lifestyle (e.g. It is primary requisite before other managerial functions step in. According to Billy E. Goetz, “Planning is fundamentally choosing and a planning problem arises when an alternative course of action is discovered.”, According to Koontz and O’ Donnell, “Planning is an intellectual process, conscious determination of course of action, the basing of decision on purpose, facts and considered estimates.”, According to Allen, “A plan is a trap laid to capture the future.”. The character, nature and scope of planning may change fro personnel to personnel but the planning as an action remains intact. He never takes any advice and suggestions of other people. The best app for CBSE students now provides Planning class 12 Notes Business Studies latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. For example, if Indian Airlines decide to run Jumbo Jets between Delhi an Patna, obliviously, a number of derivative plans have to be framed to support the decision, e.g., a staffing plan, operating plans for fuelling, maintenance, stores purchase, etc. Say for example the government plans on promoting cottage in… Planning bridges the gap between where the organization currently find itself and where it wishes to be. Business Studies Class 12 Revision Notes Chapter 4 Planning. These include organizational polices, various resources and the ability of the organisation to withstand the environmental pressure. The planning process is valid for one organisation and for one plan, may not be valid for other organizations or for all types of plans, because various factors that go into planning process may differ from organisation to organisation or from plan to plan. Form 5. 1. A … It may be mentioned that there can hardly be any occasion when there are no alternatives. Planning facilitates the achievement of objectives by focusing attention on them. The following outline is provided as an overview of and topical guide to management: . Planning is the chapter that teaches students the importance of business planning. 2. The best app for CBSE students now provides Business Environment class 12 Notes Business Studies and latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. It is a process of deciding the future on the series of events to follow. Share: Share on Facebook Share on Twitter Share on Linkedin Share on Google Share by email. Context: SELF MANAGEMENT. (ii) Planning is a Primary Function of Management Planning is the primary … It removes hesitancy, avoids crises and chaos, eliminates false steps and protects against improper deviations. ‘Planning leads to increased efficiency’. The supervisor of a factory crew plans in a limited area under fairly strict rules and procedures. It involves logical thinking and rational decision making. - Developing a professional image (e.g. CBSE class 12 Business Studies Business Environment PDF are available for free download in myCBSEguide mobile app. A realistic look must be taken at the prospect of these new opportunities and SWOT analysisshould be done. It secure unity of purpose, direction and effort by focusing attention on the objectives. Business management – management of a business.It includes all aspects of overseeing and supervising business operations. The starting and finishing times are fixed for each piece of work, so as to indicate when the within what time that work is to be commenced and completed. Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Business Studies Planning. Planning bridges the gap from where we are to where we want to go. You may desire to have your best year in business or increase revenue by 50%, but if a recession is looming and three new competitors opened in your market, then your goals aren’t relevant to the realities of the market. - Developing a professional image (e.g. Once you've got figures for income and expenditure, you can work out how much money you're making. When the business anticipates a risk or a chance of loss in the future it can avoid such risk and make a better route to achieve its goals. Features of Business Policy. Planning is a Primary Function of Management Free PDF Download of CBSE Business Studies Multiple Choice Questions for Class 12 with Answers Chapter 4 Planning. 2. The following facts come to light about its nature and features: (1) Planning Focuses on Achieving Objectives: Management begins with planning and planning begins with the determining of objectives. ⑵ Planning is a primary function of management: Planning lays down the base for other functions of management. Coordination enables the business to make efficient use of its available resources. It has no meaning unless it contributes to the achievement of predetermined organisational goals. The plan should be communicated to all persons concerned in the organisation. But all functions are inter-connected. To make any planning process complete the final step is to formulate derivative plans to give effect to and support the basic plan. All the external forces: Business Environment includes all the forces, institutions and factors which directly or indirectly affect the Business Organizations. NCERT Solutions Class 12 Business Studies Chapter 4 Planning. (ii) Planning is a Primary Function of Management PLanning is the primary or first function to be performed by every manager. In order to separated planning from operational management ‘Functional foremanship’ should be introduced. Without planning, organisation, are subject to the winds of organizational change. Therefore, there should be coordination among them. The business plan serves several purposes:it (1) enables management to think through the business in a logical and structured way and to … Features/Nature of Coordination The features or nature of coordination are as follows: (i) Integration of group efforts All business activities are interdependent. Discuss. It is also required to see whether the plan is working well in the present situation. Planning is effective only when the persons involved work in a team spirit and all are committed to the objectives, policies, programmes, strategies envisaged in the plan. Planning contributes positively in attaining the objectives of the business enterprise. Limitations of Planning Part 2: Will be uploaded soon If you are looking for a detailed Explanation of class 12, chapter 4 - Planning, Then this video is what you were looking for. A business plan helps you to define, for the short term, where you want your business to go. Bad timing of programmes results in their failure. Since plans are there from the very first stage of operation, the management is able to handle every problem successfully. It gives practical shape and concrete form to the programmes. What are the main features to be considered by the management while planning? Important Business Studies class 12 CBSE objective questions with answers for chapter Planning. Features of Planning (i) Planning Focuses on Achieving Objective Planning is purposeful. Work study should be undertaken to optimise the use of resources. They require to be broken down into supporting plans. LESSON PLAN 9. An important advantage of planning is that it makes effective and proper utilization of enterprise resources. Therefore, it requires courses of action. Planning Focuses on Achieving Objectives Every organisation has a set of goals to be achieved. Features:- … Goal-Oriented. According to Theo Haimann, “Planning is deciding in advance what is to be done. At the top level mainly external premises are considered. The business plan sets out how the owners/managers of a business intend to realise its objectives. In fact, it is the point of decision-making-deciding upon the plan to be adopted for accomplishing the enterprise objectives. Once the objectives are set, the managers and workerscan have a clear vision of what to work towards. This thus requires a great degree of mental prowess and ability. Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run. Good plans unify the interdepartmental activity and clearly lay down the area of freedom in the development of various sub-plans. A plan is a predetermined course of action to achieve a specified goal. balancing work with relaxation). Production Planning including routing, scheduling, dispatching and feedback should be implemented. Internal premises are internal variables that affect the planning. 1. A good plan always facilitates delegation of authority in a better way to subordinates. a() Pervasive (b) Primary function of managementc() Continuous (d) Integrating4. It goes before different capacities. Without such a plan a business is likely to drift. 5. It provides sense of direction to various activities. Points to Remember. 10+ Business Case Study Examples. So in essence business planning comprises of setting objectives for the organization and developing a plan of action to achieve these objectives. Planning leads to purposeful and orderly activities. Planning leads to more effective and faster achievements in any organization. Planning is a Continuous Process. Characteristic Features of Planning: The planning function of management has some special features. Planning ensures organizational effectiveness. Different authors have given different definitions of planning from time to time. While I can't speak to all facets of life, this is certainly true in business. Each manager and department of the organisation is to contribute to the accomplishment of the master plan on the basis of the derivative plans. Since plans are there from the very first stage of operation, the management is able to handle every problem successfully. Students can solve NCERT Class 12 Business Studies Planning MCQs Pdf with Answers to know their preparation level. 3. Introduction to Business: The nature and purpose of business activity; Levels of Economic Activity; The Economic Problem; Factors of Production. ⑵ Planning is a primary function of management: Planning lays down the base for other functions of management. Home / Notes / Advanced Level Notes / Business Studies A Level Notes Business Studies A Level Notes garikaib 2020-01-27T14:00:10+02:00 ZIMSEC Advanced Level Business Studies Notes They managed to explore this area better and take its steps. What is planning. Planning is a function that is the foundation of the management process. Therefore, planning is helpful. A regular follow-up is necessary and desirable from effective implementation and accomplishment of tasks assigned. Your business plan should help in establishing projected sales, cost of sales, fixed costs and overheads, so it would be worthwhile preparing this first. It is a futuristic step that helps a business to identify risks beforehand, to figure out the necessary steps, and to forecast growth. 1. As you can see that every step in business needs planning. Business and its Environment. A business organisation has to function in these uncertainties. Planning which lays down this logic is thus the intellectual mental process. Effective planning gives a competitive edge to the enterprise over other enterprises that do not have planning or have ineffective planning. Since planning foresees the future and also makes a provision for it, it gives an added strength to the business for its steady growth and continuous prosperity. Planning is a Primary Function of Management. It includes the selection of objectives, policies, procedures and programmes from among alternatives. The business plan sets out how the owners/managers of a business intend to realise its objectives. Planning is a process where a number of steps are to be taken to decide the future course of action. ZIMSEC Advanced Level Business Studies Notes. In other words, plans do not accomplish themselves. Content Guidelines 2. The entire NCERT textbook questions have been solved by best teachers for you. Through planning, the possibilities of these technological developments are foreseen by the management so that old and obsolete machines can be replaced by the new machines. Business Planning encompasses all the goals, strategies and actions that you envision taking to ensure your businesss survival, prosperity, and growth. ⑶ 3. As one moves downward, internal premises gain importance. PublishYourArticles.net - Publish Your Articles Now, Copyright infringement takedown notification template. Otherwise, it would be difficult to choose the best course of action in the perspective of company needs and resources as well as objectives laid down. Students can solve NCERT Class 12 Business Studies Planning MCQs Pdf with Answers to know their preparation level. It is the process of deciding in advance what is to be done. This allows for a business to bring about a certain degree of certainty to the uncertain future. Manning of Planning. Levels: AS, A Level; Exam boards: AQA, Edexcel, OCR, IB; Print page. Planning Contributes to the Objectives. LESSON PLAN 9. Hello studentsTry this quiz to revise the concepts of Chapter -4 (Planning) of class 12 Business Studies.You will be able to check your answer after submitting.You will get your score after completing entire quiz.You can try this quiz any number of times Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Business Studies for Class 12 so that you can refer them as and when required. Before publishing your Articles on this site, please read the following pages: 1. Planning is the conscious process selecting and developing the best course of action to accomplish an objective. 2. Planning is an intellectual exercise and a conscious determination of courses of action. It thus gets primary everywhere. The point is that any business needs to be aware of, and plan for, any likely weather event. Under sequence it should be decided as to who will don what and at what time. The next logical step in planning is to determine and evaluate alternative courses of action. Planning focuses on achieving objectives: Companies are set up with a common goal in view. Study notes Business Planning - Introduction. The fifth step in planning is selecting a course of action from among alternatives. Achievable business goals are based on the current conditions and realities of the business climate. Various departments work in accordance with the overall plans of the organisation. business studies. Action is required, the enterprise must operate managerial planning seeks to achieve a consistent, coordinated structure of operations focused on desired trends. Planning is made to achieve desired objective of business. According to Billy E. Goetz, “Plans cannot make an enterprise successful. Without plans, action must become merely activity producing nothing but chaos.”, Role, Significance, Importance & Advantages of Planning. No doubt, planning precedes other functions of management. planning than another, or the planning of one may be more basic and applicable to a larger portion of the enterprise than that of another. The resources which are important to the organization and create a value proposition in service to its customers and deliver the product to the customers are called key resources. balancing work with relaxation). 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