GSEB Class 12 Organization of Commerce and Management Notes Chapter 3 Planning

This GSEB Class 12 Organization of Commerce and Management Notes Chapter 3 Planning covers all the important topics and concepts as mentioned in the chapter.

Planning Class 12 GSEB Notes

Planning:

  • Concept of Planning: Planning is to decide about what is to be achieved in future and how ? To consider about various alternatives for the same and from those alternative the best alternative is to be selected.
  • Definition of Planning: According to Dr George R. Terry, “Function of planning means, assumption for results, policy to follow function, stages and to decide the method to be followed.”

GSEB Class 12 Organization of Commerce and Management Notes Chapter 3 Planning

Characteristics of Planning:

  • Planning is universal.
  • Planning is primary function of management.
  • Planning is conscious and mental process.
  • Flexibility is the precondition of planning.
  • Accuracy/exactness is part of planning.
  • Forecasting is essential in planning.
  • List of various plans and alternatives.
  • Planning is concerned with future.
  • Planning is continuous process.
  • Planning is objective oriented activity and
  • Planning requires decision process.

Importance of Planning:

  • All activities are done systematically.
  • Wastage of resources can be avoided.
  • Planning reduces future uncertainties.
  • Planning leads to precision.
  • Useful for achievement of objectives.
  • Planning brings smoothness in other managerial functions.
  • Planning increases employees’ co-operation.
  • Effective control becomes possible.
  • Planning co-ordinates various activities’

Limitations of Planning:

  • Uncertain Future,
  • Expensive Process,
  • Time Consuming Process
  • Planning is Irrelevant
  • Promote Rigidity
  • Uncertainity of External Factors,
  • Incomplete Information,
  • Restriction on Employees’ Creativity and
  • Use of Faulty Methods.

Process of Planning:

  • Determination of Objective
  • Clarifying Planning Premises,
  • Collection and Analysis of Information,
  • Preparation of Alternative Plan
  • Evaluation of Alternatives
  • Selection of the Best Alternative
  • Formulation and Evaluation of Subsidiary Plan
  • Evaluation of Plan.

Types of Planning:

  • Standing Plan
  • Strategic Plan
  • Tactical Plan
  • Operational Plan
  • Single Use Plan
  • Contingency Plan.

GSEB Class 12 Organization of Commerce and Management Notes Chapter 3 Planning

Element / Components of Planning:

  • Objectives / Goals
  • Strategy
  • Policy
  • Method/Procedure
  • Rules
  • Budget and
  • Programme.

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