HSC COMMERCE PLANNING NOTES

1. FUNCTIONS OF
MANAGEMENT

2. • Management is essential for an organized life and necessary to run
all types of organizations. Managing life means getting things done
to achieve life’s objectives
• Managing an organization means getting things done with and
through other people to achieve its objectives.
• Management is a process of continuing and related activities.
• Each of the functions is related to each other and the functions
complement each other.

3. • The TASKS which ARE TAKEN to ACHIEVE ORGANIZATional
GOAL is CALLED MANAGEMENT.
• MANAGEMENT is A SET of principles which RELATE to the
VARIOUS functions such AS PLANNING, ORGANIZING, STAFFING,
directing, COORDINATING, controlling etc. which ARE helpful in
ACHIEVING ORGANIZATIONAL GOALS.

6. 1. PLANNING

7. MEANING
• Planning is the process of thinking about the activities required to
achieve a desired goal.
• It is the first and foremost activity to achieve desired results.
• PLANNING is the BASIC function of MANAGEMENT.
• Every function of MANAGEMENT is BASED on PLANNING.

8. DEFINITION
• 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.
Planning bridges the gap from where we are and where we
want to go it makes possible things to occur which would not
otherwise occur."

9. IMPORTANCE OF PLANNING
1. Helps to set Clear objectives:
2. Provides PATH of ACTION:
setting
objectives,
TARGETS,
FORMULATI
NG PLANS
Help to
achieve
goal
ACT AS A guide
Provide direction
helps employees to know about organisation
Right things AT the right time with right
WAY.

10. 3. PLANNING improves PERFORMANCE:
PLANNNING
employees CAN
work ACCORDING
Improvement in
PERFORMANCEs
Timely
guidelines
Higher
PROFITABILITY

11. 5. Minimizes the risk: CHANGES or risks CANNOT be ELIMINATED
TOTALLY but they CAN be ANTICIPATED AND CAN be TACKLED with
preventive MEASURES.
6. PLANNING LEADS to optimum UTILIZATION of resources
7. Helps in decision MAKING

12. 8. FACILITATES COORDINATION
of ALL ACTIVITIES: All
ACTIVITIES of business
ORGANIZATION ARE closely
linked with EACH other which is
considered in the process of
PLANNING.
9. FACILITATES other
MANAGEMENT functions
10. Promotes INNOVATIVE
IDEAS: