Which management determines the future course of action?

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•It deals with chalking out a future course of action & deciding in advance the most appropriate course ofactions for achievement of pre-determined goals.•According to KOONTZ,“Planningis deciding in advance–what to do, when to do & how to do. It bridges thegap from where we are & where we want tobe”.•A plan is a future course of actions.. Planning is determination of courses of action to achieve desired goals•Planning is a process of seeking answer to some of the following particular questions:•What is o be done?•Why it is to be done?•How the work will be done?•Who will do the work?

Nature, Characteristics and Features of Planning1. Planning is goal-oriented2. Planning is looking ahead3. Planning is an intellectual process4. Planning involves choice & decision making5. Planning is the primary function of management / Primacy of Planning.6. Planning is a Continuous Process.7. Planning is all Pervasive (involvement of all)8. Planning is designed for efficiency.9. Planning is Flexible.

Steps in PlanningPlanning function of management involves following steps:-1.Establishment of objectives2.Establishment of Planning Premises3.Choice of alternative course of action4.Formulation of derivative plans5.Securing Co-operation6.Follow up/Appraisal of plans

TYPES OF PLANNING1. Corporate Planning2. Functional Planning3. Strategic Planning-4. Operational Planning-5. Long Term Planning-6. Short term planning

Difference between Objectives and GoalsObjectivesGoals1.Objectives are timeless, enduring and unending1.Goals are temporal and time phased2.Objectives are stated in broad and general terms.2.Goals are more specific.3.Objectives are stated in terms of environment whichis external to the organization. For eg MaintainingMarket leadership3.Goals are more internally focussed.4.Objectives are set in qualitative terms and even ifthey are quantitative they are set in relative terms. Foreg Objective of Reliance Industries Ltd. Is to acquiretop position among the Indian companies.4. Goals are set in quantitative terms and areexpressed in absolute terms. For egA company has setits goal to achieve 10 % growth in sales in next year.

Management by Objectives (MBO)Management by objectives (MBO), also known as management by results (MBR), is a process ofdefining objectiveswithin an organization so that management and employees agree to theobjectives and understand what they need to do in the organization in order to achieve them.The term "management by objectives" was first popularized by Peter Drucker in his 1954 bookThePractice of Management.According to George S. Odiorne, the system of management by objectives can be described as aprocess whereby the superior and subordinate jointly identify its common goals, define eachindividual's major areas of responsibility in terms of the results expected of him, and use thesemeasures as guides for operating the unit and assessing the contribution of each of itsmembers.

Characteristics or Features of MBO1. Goal Orientation:2. Participation

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Management, Elton Mayo, Theory of Scientific Management

What determines the future course of action?

What are the 4 management functions?

What are the 3 management processes?

What is the planning in management?