Planning can be defined as “planning bridges the gap between where we are standing today and where we want to reach ”. It involves setting objectives and deciding in advance the appropriate course of action to achieve these objectives. The most important ingredient of planning is time . Plans are always developed for the fixed time period as no business can go on planning endlessly. The Process of planning is:- 1. Identifies the goals or objectives to be achieved, 2. Formulates strategies to achieve them, 3. Arranges or creates the means required, 4. Implements, directs, and monitors all steps in their proper sequence. ...
Management and business studies ....