Planning: It is deciding in go forward what to do, how to do it, when to do it, and who is to do it. Planning means to assess the future and make provision for it.
Need importance and advantages:
a) Basic of successes.
b) Keystone management function.
c) To manage by objectives.
d) To offset growing complexity of business.
e) Better utilisation of recourses.
f) To get economy in operation.
g) Establish coordinated effort.
h) Facilitates control.
i) Coping with change.
j) Better competitive strength.
k) Makes forward looking attitude.
l) Promotes order.
m) Prevents hasty judgement and haphazard action.
n) Stay on track.
o) Managing crises.
p) Providing motivation.
q) Promotes growth and improvement.
r) Encourage creativity.
s) Planning enables managers to see the whole operating picture more clearly.
t) It provides alternative courses of action
u) It explains environmental opportunities, threats, and constraints.
v) It helps the firm to know why it is in business.
w) Efficient methods and procedures of action can be developed.