Explain the first three steps in the process of 'Planning'. (CBSE BOARD 2016)

Explain the first three steps in the process of 'Planning'. (CBSE BOARD 2016)

Answer: The following are the first three steps are involved in the planning process.

i). Setting the objectives: Any business enterprise needs to decide upon its objectives, and the first step in the planning process is to set the objectives. Managers are required to define objectives clearly so that they can take the right action to achieve the goals.

ii). Developing the premises: Planning is based on certain assumptions regarding the future. These assumptions are known as premises. The assumptions are regarding the predictions of the future, which form the basis of the planning process. Accuracy of the forecast is necessary for successful plans.

iii). Identifying alternatives: The next step is to identify alternative courses of action. Managers must identify all the alternative courses of action for achieving the objectives of the organisation. This involves innovation and creativity.

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