1. Planning Staffing Organizing Controlling Directing Functions of Management

2. Objectives List the Various Functions of Management Explain the Planning Function of Management Explain the Steps in Planning Function List the Characteristics of Planning Explain the Staffing Function of Management Explain the Steps involved in Staffing Process Explain the Steps in Manpower Planning Explain the Steps of Employee Selection Process Explain the Methods of Training Describe the Methods of Employee Remuneration Explain the Steps of Organizing Function Process Describe the Principles of Organizing List the Features of Controlling Function Explain the Steps of the Controlling Process List the Characteristics of Direction Function

3. Planning Function of Management

4. Steps in Planning Function Planning function of management involves following steps: 1Establishment of Objectives 2 Establishment of Planning Premises 3 Choice of Alternative Course of Action 4 Formulation of Derivative Plans 5 Securing Co-operation 6 Follow up/Appraisal of Plans Let us now look at each in detail.

5. Establishment of Objectives 1 Establishment of Objectives: Establishment of Objectives: o Planning requires a systematic approach. o Planning starts with the setting of goals and objectives to be achieved. o Objectives provide a rationale for undertaking various activities as well as indicate direction of efforts. o Moreover, objectives focus the attention of managers on the end results to be achieved. o As a matter of fact, objectives provide nucleus to the planning process.

6. Formulation of Derivative Plans Formulation of Derivative Plans: Formulation of Derivative Plans: o Derivative plans are the sub plans or secondary plans which help in the achievement of main plan. o Secondary plans will flow from the basic plan. These are meant to support and expedite the achievement of basic plans. o These detailed plans include policies, procedures, rules, programs, budgets, schedules, etc. 4 Formulation of Derivative Plans

7. Characteristics of Planning The following are some of the key characteristics of planning: Let us look at each in detail. Planning is goal-oriented Planning is looking ahead Planning is an intellectual process Planning involves choice and decision making Primacy of Planning Planning is a Continuous Process Planning is all Pervasive Planning is designed for efficiency Planning is Flexible

8. Planning is goal-oriented Planning is made to achieve desired objective of business. The goals established should be generally accepted otherwise individual efforts and energies will go misguided and misdirected. Planning identifies the action that would lead to desired goals quickly and economically. It provides sense of direction to various activities.

9. Primacy of Planning Planning is the primary function of management / Primacy of Planning Planning lays foundation for other functions of management. It serves as a guide for organizing, staffing, directing and controlling. All the functions of management are performed within the framework of plans laid out. Therefore, planning is the basic or fundamental function of management.

10. Planning is a Continuous Process Planning is a never ending function due to the dynamic business environment. Plans are also prepared for specific period of time and at the end of that period, plans are subjected to revaluation and review in the light of new requirements and changing conditions. Planning never comes to an end till the enterprise faces issues or problems that may be keep cropping up and they have to be tackled by planning effectively.

11. This is a DEMO Course On – Planning Function. Join MSG Premium Membership and Get Access to around 120 Courses + New courses added every week. What You Get: 1.View All Courses Online. 2.Download Powerpoint Presentation for Each Course. 3.Do the Knowledge Checks for Each Course. This is a DEMO Course On – Planning Function. Join MSG Premium Membership and Get Access to around 120 Courses + New courses added every week. What You Get: 1.View All Courses Online. 2.Download Powerpoint Presentation for Each Course. 3.Do the Knowledge Checks for Each Course. ManagementStudyGuide.com