Question

Identify and state the steps involved in planning process from the following :
`(i)` If the end result it clear it becomes easier to work towards the goal.
`(ii)` Alternatives are weighed in the light of their feasibility and consequences.
`(iii)` This is the real point of decision making. The best paln has to be adopted and implemented.
`(iv)` This is the step where other managerial functions also come into the picutre. This step would also involve organising for labour and purchase of machinery.
`(v)` Base material upon which plans are to be drawn in the form of forecasts, i.e.a technique of gathering information about the demand for a particular product, policy change, interest rates, prices of capital goods tax rates etc.

Answer 1

`(i)` `ul("Setting Objectives")`
Objectives or goals specify what the organisation wants to achieve.
`(ii)` `ul("Evaluating alternative courses")`
The positive and negative aspects of each proposal need to be evaluated in the light of the objective to be achieved.
`(iii)` `ul("Selecting an alternative")`
The ideal plan would be the most feasible, profitable and with least negative consequences. Sometimes, a combination of plans may be selected instead of one best course.
`(iv)` `ul("Implementing the plan")`
The step is concerned with putting the plan into action, i.e., doing what is required.
`(v)` `ul("Developing premises")`
Planning is concerned with the future which is uncertain. Therefore, the manager is required to make certain assumptions about the future. These assumptions are called premises.