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Planning & Decision MakingBusiness Management Unit 1
Planning
Looking ahead and chalking out future courses of action to be followed.
Planning Takes into consideration
Available and prospective human and physical resources of the organization
To get effective co-ordination, contribution & perfect adjustment
Planning Is a mental predisposition to do things in
orderly way To think before acting To act in the light of facts rather than
guesses Is deciding best alternatives among others To perform different managerial functions
in order to achieve predetermined goals.
Planning DefinedPlanning is deciding in advance what to do, how to do and who is to do it.Planning makes possible things to occur.
Steps in the Planning Process Establishment of objectives Establishment of planning premises Choice of Alternative course of action Formulation of derivative plans Securing co-operation Follow up/Appraisal of plans
Types of Plans Operational Plans Tactical plans Strategic plans Contingency plans
The decision making process
Steps in the Decision Making Process Define the problem Identify the limiting factors Develop potential alternatives Analyze the alternatives select the best
alternative Implement the decision Establish a control and evaluation
system