Importance 10. Resource planning comprises three stages: (i) Preparation of inventory of resources. Part A : Principles and Functions of Management 1. Meaning, Importance, Features, and Limitations of Planning; Strategy. It involves logical thinking and rational decision making. Contents for Planning […] The planning function of management has some special features. External rigidity relates to political, industrial, technological, legal and economic changes, etc. Features of Planning 3. Or, you may have considered your own objective and worked to … Planning bridges the gap between where the organization currently find itself and where it wishes to be. 4. Planning is a very lengthy process as it consumes a lot of time for collection, analysis, and interpretation of data. Resource planning comprises three stages: (i) Preparation of inventory of resources. It is powerful medium for sales promotion. 5. This is the primary step in the process of planning which specifies the objective … Planning involves setting goals and determining the most economical and viable course of action to achieve the predetermined goals. Planning is required in all types of organisations and at all levels of management. Sorry!, This page is not available for now to bookmark. (c) is a future-oriented activity. In this course, we have discussed planning - how and why business plans to Achieve their objectives. Due to such a lengthy process, sometimes decisions get delayed, opportunities are lost and there is not much time left for the implementation of plans. Business Studies Class 12 An initiative to make learning 24 X 7. A thorough analysis of all the alternatives helps us choose the best one. Check out the quality of the revision notes Class 12 Business Studies Chapter 4 and revise properly before an exam. All business activities are planned with sole aim of achieving the organisational goals. As the resources are limited and unevenly distributed over the country their planning is essential. ADVERTISEMENTS: Some of the most important features of economic planning are as follows: Economic Planning has been adopted in different parts of the world for various reasons. Q.3 What is the Role of Lower Level Management in the Process of Planning? In socialistic countries, where there are state owned means of production, planning has become an institutional need while is capitalistic countries where private ownership exists (Laissez faire), It […] A strategy is a complete and all-inclusive plan for achieving said objectives. (a) Directing (b) Organising (c) Planning (d) Staffing. Planning is the first management function to be performed in the process of management. By using these notes as reference material, you can easily prepare the chapter completely and progress to an advanced level. This course is for Class 12 students. Planning is a thinking process and it is separate from organisational activities. (iii) The Lower Town was walled and buildings were built on platforms. Utilizing the Class 12 Business Studies Planning revision notes will become mandatory to grab hold of the advanced concepts. ESSENTIAL POINTS TO SOLVE CASE STUDIES Meaning of Planning Planning is the process of setting objectives, formulating various courses of action in order to achieve them, and selecting the best possible alternative from the various courses of action available in order to ensure completion of organisational goals. Q.4 When Planning is Not Required? ADVERTISEMENTS: Read this article to learn about the Failures of Economic Planning in India! Barriers. Planning Class 12 Business Studies MCQs Pdf. It needs holding on to the decisions since it includes selecting a choice from alternative ways of performance. Planning is firmly correlated with discovery and creativity. The success of an enterprise is possible only when plans are properly drawn up and implemented. If there is no alternative available then there is no need for planning. We cannot think of planning in absence of objective. organising, staffing, directing and controlling, as they are performed within the periphery of the plans made. (b) extends throughout the organisation. ‘Serious Business’ is a balloon manufacturing firm. No doubt, various plans are … Resource planning is a technique or skill of proper utilisation of resources. 12th, Part-1, NIOS, 213 MB, 15hrs.business studies of class 12 - poonam gandhi. Resource planning is a technique or skill of proper utilisation of resources. Planning Focuses on Achieving Objectives: Process of planning begins with setting of general and specific goals for the organisation. However, the manager would first have to set goals. to find some similarities in the features of planning and what you see in real life. Question 1. Purposes 4. Dec 14, 2020 - Chapter 4 - Planning (Class Notes), BST, Class 12, CBSE | EduRev Notes is made by best teachers of Commerce. Every feature of Planning will be discussed in the Business Studies Class 12 Chapter 4 revision notes. Discuss Steps of Planning. Planning means looking ahead and meeting future events effectively. If used properly most of the components of a good lesson plan, are great tools for time management. 1. In the toolkit you will find is to be done. 3. (d) Staffing. Beside these two major features, there were many other features that played an important role in moulding out the final form of this outstanding language. On the basis of forecasting, future conditions and events are anticipated and plans are prepared. Answer. Thus, planning is purposeful. 12 . MBD. However, the scope of planning differs. If you've ever given a formal presentation on a topic, you've probably done some kind of planning. Planning contributes to Objectives: Planning starts with the determination of objectives. Features of Planning. Why wait then? Planning precedes other function because it lays down the base for all other functions of management. It is the groundwork for all future plans of the organization. Planning is an ongoing process and plans are prepared for a specific period of time. A course book can certainly help planning, but it cannot replace the teacher's own ideas for what he or she wants to achieve in a class. Planning provides a proper guidance to an organization how to bring economy in all around operations. Features of a Good Plan 8. Classification on the Basis of Levels in the Organisation: Similar to objectives, plans are made for different organisational levels. Explicit purposes are placed out in the projects along with the ventures to be initiated to accomplish the goals. With discovery features of planning class 12 creativity not dealt with flexibility or is dealt with.. 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