CBSE Class 12 Business Studies only carries 6 marks of weightage in Board Examination, However topic covers in this blog are the most important and frequently asked in exam like CUET UG Exams. In commerce Planning is necessary for each company. This blog provides you free PDF of Class 12 Business Studies Chapter 4 which includes topic like Concept of planning, limitation and importance of planning. To get more detailed note Students can also practice CUET UG Business Studies Previous Year Papers.
CBSE Class 12 Business Studies Chapter 4: Planning
CONCEPT OF PLANNING
Planning is considered one of the basic managerial functions, focused on deciding in advance what to do and how to do it.
| Aspect | Description |
| Core Function | Involves setting objectives and developing appropriate courses of action to achieve these objectives. |
| Goal Orientation | Planning is concerned with both the ends (what is to be done) and the means (how it is to be done, or the action plan). |
| The Bridge | Planning seeks to bridge the gap between where the organization currently is and where it ultimately wants to go. |
| Decision Making | It requires taking decisions because it necessarily involves making a choice from alternative courses of action. |
PROCESS OF PLANNING
Planning is a logical process of decision-making that managers follow sequentially.
Planning is crucial because it ensures movement toward organizational goals and prepares the firm for the future.
- Provides Directions: By stating in advance how work is to be done, planning ensures goals are clearly defined, guiding employee action and coordination.
- Reduces Risks of Uncertainty: It enables managers to look ahead, anticipate changes, and develop responses to deal with uncertain events.
- Reduces Wasteful Activities: Planning coordinates efforts across divisions, avoiding confusion and misunderstanding, thus minimizing redundant or wasteful activities.
- Promotes Innovative Ideas: As the first management function, planning allows new ideas to be transformed into concrete plans, guiding future action, growth, and prosperity.
- Facilitates Decision Making: Managers evaluate various alternatives and predict future conditions, aiding in the selection of the most viable proposition for rational decision making.
- Establishes Standards for Controlling: Planning involves setting the goals and standards against which actual performance must be measured; thus, planning is a prerequisite for the controlling function.
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