A plan is framed; it is implemented, and is followed by another plan and so on. Identify the feature of planning.

Planning requires logical and systematic thinking rather than wishful thinking. Identify the feature of planning.

Following a pre decided plan, when circumstances have changed, may not turn out to be in the organization’s interest. Identify the limitation of planning.

It is not always true that just because a plan has worked before it will work again. There are so many factors to be considered. This kind of false sense of security may lead to failure of planning. Identify the limitation of planning.

If the end result is clear it becomes easier to work towards goal. Identify the step of planning highlighted above.

This is the step where other managerial functions also come into the picture. Identify the step of planning.

In financial plans, the risk return tradeoff is very common. The more risky the investment, the higher the return it is likely to give. To evaluate such proposals detailed calculations of earnings, earnings per share, interest, taxes, dividends are made and decisions are taken. Identify this step of planning.

An innovative course may be adopted by involving more people and sharing their ideas. Identify the step of planning.

To see whether plans are implemented an activities are performed according to schedule is a part of planning process. Monitoring plans is equally important. Identify the step of planning.

On the introduction of GST act, expert in the field of business started analyzing and forecasting its impact on various sectors and industries. Vivek an established businessman, attended a few seminars and conferences organized by such expert’s to familiarize himself with this information. He wanted to use this information gathered to reduce the uncertainty in making decisions for the future in his business. Name the step in the planning process.

Detailed plans are prepared after discussion with professional experts. Preliminary investigations are also taken to find out the viability of the plan. Identify the limitation of planning.

The management of ABC Ltd is able to anticipate changes or uncertainties and develop managerial responses to them. Identify the importance of planning highlighted here.

It is very difficult to assess future trends in the environment if economic policies are modified or political conditions in the country are not stable. Intense competition in the market can also upset financial plans, then sales target may have to be revised. Identify the limitation of planning.

Managers are neither allowed to deviate from plans nor are they permitted to act on their own. Identify the limitation of planning.

This is the real point of decision making. The best plan has to be adopted and implemented. Identify the step of planning.

Sometimes plans to be drawn up take so much of time that there is not much time left for their implementation. Identify the limitation of planning.

Managers have a tendency to rely on previously tried and tested successful plans. Identify the limitation of planning.

When plans are drawn up a lot of time, effort and money are involved in their formulation eg checking accuracy of facts. Identify the limitation of planning

A well-defined plan is drawn up with specific goals to be achieved within a specific time frame. These plans then decide the future course of action and managers may not be in a position to change it. Identify the limitation of planning.

Planning involves thorough examination and evaluation of each alternative and choosing the most appropriate one. Identify the importance of planning.

It implies peeping into the future, analysing it and predicting it. Planning is, therefore, regarded as a forward looking function based on forecasting. Identify the feature of planning.

Planning provides the goals against which actual performance is measured. Identify the significance of planning.

Useless and redundant activities are minimised or eliminated. It is easier to detect inefficiencies and take corrective measures to deal with them. Identify the importance of planning.

Planning ensures that the goals are clearly stated so that they act as a guide for deciding what action should be taken and in which direction. Identify the importance of planning.

Since planning is the first function of management, new ideas can take the shape of concrete plans. It is the most challenging activity for the management. Identify the importance of planning.

All other managerial functions are performed within the framework of the plans drawn. Thus, planning precedes other functions. Identify the feature of planning.

Planning requires foresight, intelligent imagination and sound judgement. Identify the feature of planning.

A technique of gathering information like about the demand for a particular product, policy change, interest rates, prices of capital goods, tax rates etc becomes essential for successful plans. Identify the step of planning.

Planning has no meaning unless it contributes to the achievement of predetermined organisational goals. Identify the feature of planning.