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This is related to Rule.

Rules serves as boundaries of behaviour employees

1. Planning is Continuous: Planning is a continuous process because:

i. A plan is prepared for a particular period. Hence, there is need for a new plan after the expiry of that period.

ii. In case of any discrepancy plans are to be revised.

iii. In case of rapid changes in the business environment plans are to be revised.

2. Planning is Futuristic: Planning decides the plan of action – what is to be done, how is it to be done, when is it to be done, by whom is it to be done, all these questions are related to future. Under planning, answers to these questions are found out. Since planning is concerned with future activities, it is called futuristic.

Correct option is (d) Planning does not guarantee success

Correct option is 2.True

The different types of plans are:

(i) Objective

'One of her objective is to earn 10% profit on the amount invested in the first year.'

An objective is the end which the management seeks to achieve within a given time period.

(ii) Policy

'It was decided that raw materials like fruits, vegetables, spices etc, will be purchased on three months credit from farmers cultivating organic crops only.'

Policy is a general guideline which brings uniformity in decision making for achievement of predetermined objectives.

(iii)Procedure

'She also decided to follow the steps required for marketing of the products through her own outlets.'

                                                               Or

‘She appointed Mohan as a Production Manager who decides the exact manner in which the production activities are to be carried out'.

It consists of sequence of routine steps on how to carry out activities. It details the exact manner in which any work is to be performed.

(iv)Budget

'Mohan also prepared a statement showing the number of workers that will be required in the factory throughout the year.'

                                                              Or

'Madhu informed Mohan about the sales target for different products, areawise for the forthcoming quarter,

'A budget is plan which states expected results of a given future period in numerical terms. It may be expressed in time, money or physical units.

(v) Rule

'Wile working on the production table, a penalty of Rs.100 per day for not wearing the caps, gloves and aprons was announced.'

A rule is a statement that specifies what is to be done or not to be done.

The different types of plans are:

(i) Objective

‘One of his objective was to earn 50% profits on the amount invested in the first year’.

An objective is the end which the management seeks to achieve within a given time period.

(ii) Policy

‘It was decided that raw materials like flour, sugar salt etc. will be purchased on two credit.’

Policy is a general guideline which brings uniformity in decision making for achievement of predetermined objectives.

(iii) Procedure

'He also decided to follow the steps required for marketing the products through his own outlets.'

                                            OR

'He appointed Harsh as a Production Manager who decided the exact manner in which the production activities are to be carried out.'

It consists of sequence of routine steps on how to carry out activities. It details the exact manner in which any work is to be performed.

(iv)Budget

'Harsh also prepared n statement showing the requirement of workers in the factory throughout the year.'

                                    OR

'Mayank informed Harsh about his sales target for different products, areawise for the forth coming quarter.'

A budget is plan which states expected results of a given future period in numerical terms. It may be expressed in time, money or physical units.

(v)Rule

'Whilw working on the production table a penalty of Rs.150 per day was announced for not wearing the helmet, gloves and apron by the workers.'

A rule is a statement that specifies what is to be done or not to be done.

Correct option is (D) Flexibility

Yes, I do agree. Planning ensures that the goals or objectives are clearly stated so that they act as a guide for deciding what action should be taken and in which direction.

It is strategy.

(i) Unforeseen events and changes.

(ii) Rise in costs/prices.

(iii) Environmental changes.

(iv) Govt. intervention.

(v) Legal regulation

It is a comprehensive plan for accomplishing an organization’s objectives Strategy.

Strategy: Its dimensions are:

(i) Determining long-term objectives.

(ii) Adopting a particular course of action.

(iii) Allocating resources to achieve the objectives.

Policies: 

i. Policies are general statements that guide thinking or channelize energies towards a particular direction. 

ii. There are expressed in the form of a general statement. Policies in general are formulated at top management level. 

iii. Policies serve as bridges between organizational purposes and performance. Policy centered thinking on the part of managers is considered as a healthy sign and hence is encouraged in organizations. 

iv. For example, a company may have policy “to make payments more than fifty thousand by cheque”.

a. It provides direction.

b. It reduces risks of uncertainty.

 Strategy: 

i. Strategy is a comprehensive plan for accomplishing organizational objectives. 

ii. This comprehensive plan will include three dimensions: 

(a) Determining long-term objectives, 

(b) Adopting a particular course of action, and 

(c) Allocation resources necessary to achieve the objectives 

iii. Whenever a strategy is formulated, the business environment needs to be taken into consideration. The changes in the economics, political, social, legal and technological environment will affect an organizations strategy. 

 Objectives: 

i. An objectives simply started is what you would like to achieve i.e., end result of activities. 

ii. For example, an organization may have objectives of increasing sales by 10%or earning a reasonable rate of return on investment, earn a 20%profit from business. They represented the end point of planning. 

iii. Objectives need to be expressed in specific terms i.e., they should be measureable in quantitative terms, in the form of a written statement of desired result to be achieved within a given period of time. 

a. Setting objectives

b. Developing premises.

It refers to make certain assumptions about the future.

Objectives are those end points for the attainment of which all the activities are undertaken.

Mathematical and statistical methods as well as management tools and techniques are used for evaluation of alternatives.

Programme is a sequence of activities to be undertaken by a business unit-as per planning.

Policy is a general guideline which brings uniformity in decision making for achievement of predetermined objectives.

(a) Planning involves huge cost.

(b) Limitations of planning.

(i) Planning leads to rigidity.

(ii) Planning may not work in a dynamic environment.

(c) (i) Raising standard of living by providing job opportunities.

(ii) Concern for environment by emphasizing on pollution free society.

In such a situation, formulating a strategy would be advisable. A strategy is a Single use plan It is normally made to fight competition in the market. 

The model business plan, i.e., strategy will be the following:

1. It is objective and its purpose is that how much sales it wants to increase over a specified time. 

2. The company should then list down its strengths and weakness. This brings in light as to what will be easy and what will be difficult. 

3. Aggressive, advertising and sales promotion techniques to be adopted.

Business unit prepares an ideal plan as a model with the help of Operation Research.

(a) Planning may not work in a dynamic environment. 

(b) (i) Planning leads to rigidity. 

(ii) Planning involves huge cost. 

(c) Adaptability.

(a) Planning reduces creativity. 

(b) (i) Planning involves huge cost. 

(ii) Planning is a time consuming process. 

(c) Growth for all.

(a) Rule. Rules are specific statements as to what is to be done. Rules do not allow any flexibility or discretion. 

(b) (i) Respect towards environment 

(ii) Respect of order

(a) (i) Planning leads to rigidity. 

(ii) Planning may not work in a dynamic environment. 

(b) (i) Doing the best : By providing jobs to the weaker sections of the society. 

(ii) Respect towards the society

(a) Planning reduces creativity. 

(b) Acceptance of others; Courtesy of appreciating the creativity of workers; Respect for different abled persons

Correct option is (b) Selecting an alternative

Correct option is 1. Planning

There are uncertainties in planning because planning is based on assumptions and forecasting which is made for future. Future is uncertain and therefore, assumptions can not be fully correct. Uncertainties prevail in planning as it is related to future.

Importance of planning:

(i) Provides directions.

(ii) Reduces the risk of uncertainty.

(iii) Facilitates decision making.

(iv) Reduces overlapping and wasteful activities.

(v) Promotes innovative ideas.

(vi) Establishes standards for controlling.

Importance of Planning:

(i) Planning provides directions: By stating in advance how work is to be done planning provides direction for action. Planning ensures that the goals or objectives are clearly stated so that they act as a guide for deciding what action should be taken and in which direction. If goals are well defined, employees are aware of what the organisation has to do and what they must do to achieve those goals.

(ii) Planning reduces the risks of uncertainty: Planning is an activity which enables a manager to look ahead and anticipate changes. By deciding in advance the tasks to be performed, planning shows the way to deal with changes and uncertain events. Changes or events cannot be eliminated but they can be anticipated and managerial responses to them can be developed.

(iii) Planning reduces overlapping and wasteful activities: Planning serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding. Since planning ensures clarity in thought and action, work is carried on smoothly without interruptions.

(iv) Planning promotes innovative ideas: Since planning is the first function of management, new ideas can take the shape of concrete plans. It is the most challenging activity for the management as it guides all future actions leading to growth and prosperity of the business.

(v) Planning facilitates decision making: Planning helps the manager to look into the future and make a choice from amongst various alternative courses of action. The manager has to evaluate each alternative and select the most viable proposition. Planning involves setting targets and predicting future conditions, thus helping in taking rational decisions.

(vi) Planning establishes standards for controlling: Planning involves setting of goals. The entire managerial process is concerned with accomplishing predetermined goals through planning, organising, staffing, directing and controlling. Planning provides the goals or standards against which actual performance is measured. By comparing actual performance with some standard, managers can know whether they have actually been able to attain the goals.

Definition of Planning: According to Koontz and O’Donnell, “Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it.” In other words, planning refers to thinking before hand. It involves the anticipation of future course of events and give it a desired direction.

Importance of Planning: The following points clarify the importance of planning:

i. Planning provides Direction

ii. Planning reduces Risks of Uncertainty