Planning Process (Steps in Planning) 

1. Setting Objectives: The first step in planning 

2. Developing premises: Planning is based on certain assumptions about the future. These assumptions are called planning premises. Forecasting is important in developing planning premises.

3. Identifying alternative courses of action: The next step in planning is to identify the alternative courses of action to achieve the objectives.

4. Evaluating alternative Courses: The pros and cons of various alternatives must be evaluated in terms of their expected cost and benefits.

5. Selecting an alternative: After evaluating the alternatives the manager will select that alternative which gives maximum benefit at minimum cost.

6. Implement the plan: Implementation of a plan means putting plans, into action so as to achieve the objectives of the business.

7. Follow up action: Plans are to be evaluated regularly to check whether they are being implemented and activities are performed according to schedule.