A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources. The planning process
Planning process :
In organizations, planning is a management process, concerned with defining goals for company's future direction and determining on the missions and resources to achieve those targets. To meet the goals, managers may develop plans such as a business plan or a marketing plan. Planning always has a purpose. The purpose may be achievement of certain goals or targets.
Main characteristics of planning in organizations are:
Planning increases the efficiency of an organization. It reduces the risks involved in modern business activities. It utilizes with maximum efficiency the available time and resources. The concept of planning is to identify what the organization wants to do by using the four questions which are "where are we today in terms of our business or strategy planning? Where are we going? Where do we want to go? How are we going to get there?