Concept of Planning

Planning is the fundamental management of critical objectives, including the process, execution, and outcome. It is an intellectual process of management that an organisation follows with various methodologies, blueprints, and discussions. It is necessary to get the best possible result following the specific planning. Various objectives have a distinct planning process according to the goal is achieved. According to planning, various actions and encounters occur, which extracts the outcome at the end of the process.

Concept of planning 

Planning is the basic and primary function of management. It has to be pre-decided to outline the activities in the future. Planning is forming plans to develop and execute the activity to get the best possible outcome. The management concept of planning includes formulating good policies, budget segregation, advertisement objectives, marketing strategies, etc.

If we discuss the importance of planning, planning helps provide direction and reduce risk and uncertainty, especially in the business field. It also reduces overlapping and wastage of resources in a company, promotes new innovative ideas, facilitates decision-making, and establishes a standard of control over the management.  

Therefore, the planning focuses on achieving the goals and objectives; it is a continuous process, future-oriented, and decision-making to provide a structure to the management. 

Process of planning 

Planning is a complicated process that needs a high level of analysis and study. The planning process includes outlining the activities that determine the objective of the planning with a specific course of action. The significant motive towards the planning is to streamline the process to achieve the set goal. Distinct management processes have variable planning methodology; there is no specific formula for planning.

• Environmental analysis:Planning begins with properly analysing ecological factors that create opportunities, strengths, or weaknesses in a company. The most popular analysis is SWOT, where the internal strengths, opportunities, and possible threats are analysed. SWOT defines strengths, weaknesses, opportunities, and threats, which are considerably under observation and decide the final planning executed.

• Setting objectives: After proper environmental analysis, it is crucial to select the mission and goals of a company to create a plan.

• Develop premises: Planning premises is a factor that decides the future of the business and the ultimate formulation. It is the key to successful planning that provides information on various internal factors, such as capital, economic state, price, profitability, production cost, and many more. 

• Determines and evaluates alternative options: A particular objective extracts differently. Therefore, it is imperative to identify and consider the new or alternative way to achieve each aim if one fails. 

• Budget formulation: After selecting alternatives, it is crucial to plan for a proper budget to appropriately follow the plan and make it successful according to the condition of the business. 

• Implementation of the plan: Once the program is ready, it is vital to take a step forward to implicate the procedure in the business.

• Follow-up action: Finally, after the implication, it is vital to follow up the plan correctly to identify any gaps or success. 

Concept of regional planning 

Regional planning deals with the platform related to urban and rural areas. Urban planning is related to city planning, including the core outline of concerns to the regional development and process execution to achieve the specific outcome. It includes land development, transportation, and technology actions that collectively achieve a particular goal. Such plans are associated chiefly with the MPO (metropolitan organisations), which elevates the region-wise management. Such a planning concept is popular in the state-wise development process and other activities relative to the regional activities.

Concept of strategic planning 

Planning is related to the future, and it needs a proper strategy to succeed. Strategic planning incorporates the type of plan based on its nature. Some organisations need planning for several years, and some need immediate planning. It depends on the style and strategic thinking of the company. Therefore, strategic planning is a type that relies on the company’s nature. Strategic planning provides all the internal and external factors of the company. It delivers the idea and plans over budget, area of business, marketing, technology, and political factors. 

Conclusion

These are the significant aspects of planning with its concept and categorization. This categorization is according to the various objectives with the organisational needs. The formulation of plan, structure, and sometimes local government bodies join to manage the total overview of planning. Planning is the key to starting a new idea or business or any start-up. In business studies, learning the concept of planning is an essential chapter because it helps you learn about the critical idea of planning. A successful business is nothing but the result of excellent planning. Therefore, proper planning is always necessary to evaluate the work, progress, and goal at the company’s beginning.