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Introduction
Planning is one of the most crucial steps in any business, without Planning an organisation can never achieve the success they desire. If the organisation has a unique service or product to provide to the consumer, that is not available anywhere in the market, and only one particular organisation can provide it, and also this very product or the service can add so much value into the life of the consumer, then chances are the organisation or the business is going to achieve a great level of success, by that product or service. But everything can fail if the organisation has not worked out the plan for itself. Because as said, Planning is an essential part of any business. If the organisation has limited resources but a great plan to optimise the use of those resources, then the organisation is going to be successful. In a nutshell, Planning is very important and the students of commerce are supposed to learn about Planning at a young age, and hence the same is included in the syllabus and the same is provided by the Vedantu. Though Planning seems a rather simple thing, there are various types of Planning and hence here Vedantu describes everything related to Planning. Nature of Planning
By considering its four main aspects, the essence of planning can be understood. These are:
Characteristics of Planning
Planning is concerned with the setting of goals, targets, and the development of strategies to achieve them. The exercise lets managers evaluate the current situation to find ways of maintaining the desired role in the future. It is both the organisation’s need and the managers' responsibility. Importance of Planning
Planning is very important not just for organisations, but also for individuals, for success and the successful performance of an organisation. It is the most fundamental of all the roles of management. The first of the basic managerial tasks are planning. Planning is important as it inquires about organisational priorities by default and includes decision-making in preferred ways and means of achieving goals. This requires the collection of missions and targets and the steps to achieve them. Consequently, each company puts a greater focus on planning. As a process, planning includes deciding the potential course of action, which is why action is taken, what action is taken, how an action is taken, and when action is taken. Types of PlansPlans are mainly divided into two Types, which are the Single-use plan, and the Standing plan.
Difference Between Single-Use Plan and Standing Plan
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What are types of standing plans?Examples of standing plans include policies for hiring, employee interaction, procedures for reporting internal issues, or complaints to the HR department, etc. and regulations in terms of what is permitted and what is prohibited in the workplace.
What are the 3 types of plans used in business management?There are three main types of plans that a manager will use in his or her pursuit of company goals, which include operational, tactical and strategic. If you think about these three types of plans as stepping stones, you can see how their relationship to one another aids in the achievement of organizational goals.
What are the elements of standing plans?Standing plans include objectives policies, procedures, methods, rules and strategies.
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