🔴 4.5💡PLANNING PROCESS || Steps of Planning || Chapter-4 Business studies

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the first step or process
i. Setting Objectives:
The first and foremost step in planning is setting objectives.
However Every organisation must have certain objectives.
These Objectives may be set for the entire organisation or
each department
These Objectives or goals specifies what organisation wants to achieve.
like increase sales by 20%
The main Objectives should be shared to all departments, units and employees.
Moving on to second step
ii. Developing Premises: premises means
guesswork about what might happen in future.
That why, manager has to make certain assumptions about the future.
These assumptions are called premises.
So manager has to Assume the base material of plans.
The base material may be like in the form of forecasts, existing plans or any past information about policies.
For example, Forecasts can be made from demand for a particular product,
policy change,
interest rates,
prices of capital goods,
moving on to third steps
iii. Identifying alternative courses of action: Once objectives are set, assumptions are made.
Then the next step is to act upon them.
There may be many ways to act and achieve objectives.
First we should identified All the alternative courses of action.
Or you have to identify what are the ways to achieve to the specific goal
that is know as
Identifying alternative courses of action
Some time it may take either routine or ground-breaking or new.
These must adopted by involving more people and sharing their ideas.
If the project is important,
then more alternatives should be generated and thoroughly discussed amongst the members of the organisation.
Ok let me give a basic example
After you completing of your 10th class
you start identifying the what are the alternative or
option which is available for you
like science commerce arts diploma etc.
This is nothing but Identifying alternative courses of action
So next step is
iv. Evaluating alternative courses: The next step is to weigh or to evaluate the pros and cons of each alternative.
after you Identify alternative courses
you have to Evaluating alternative courses
Each course will have many variables which have to be evaluate against each other.
Every plan has its own advantage and its own disadvantage
Like that positive and negative aspects of each has to be evaluated
for example, In financial plans, risk and return is very common.
The more risky higher the returns vise versa
To evaluate such things in detail
calculations of earnings, earnings per share, interest, taxes,
Or in other term
after you Identify alternative courses
then you have to Evaluate the alternative courses
that means calculating which has most advantage and which is most suitable to you
like science commerce arts diploma this are the available courses
in this you need to Evaluate them
or in this you have calculate is science is best or commerce is best or arts
it is nothing but Evaluating alternative courses.
v. Selecting an alternative: it’s a purely decision making step.
Hear The best plan will be adopted and implemented.
In this we will select the most feasible, profitable and with least negative consequences.
Actually two year before you did same thing
Like you all selected commerce in 11 class
Moving on to next step
vi. Implementing the plan: in this step it’s all about putting the plan into action, to continue this we need coordination from all other manegiral function
For example, if there is a plan to increase production then more labour, more machinery will be required. This step would also involve organising for labour and purchase of machinery.
Or if we take our own example after selecting commerce
Next step is implement it that means joining college.
Moving on to last step
Follow-up action: in this step we see whether plans are being implemented
and activities are performed according to schedule
These are the process or steps of planning
Click here to watch the next topic which Is on Types of Plans
or go back and watch limitation of planning
thank you for watching
stay tune. #Class12 #PUC #BusinessStudies

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