Principles and practices of management

Importance of Planning

1. Provides Direction – Planning gives a clear path for activities and helps employees understand what needs to be done.

2. Reduces Uncertainty – It prepares the organization for future challenges by anticipating changes and risks.

3. Ensures Efficient Use of Resources – Planning helps in the proper allocation and use of resources like time, money, and manpower.

4. Improves Coordination – It brings all departments and employees together toward achieving common goals.

5. Facilitates Decision-Making – Planning provides a framework for making consistent and informed decisions.

6. Encourages Innovation – While planning, managers are encouraged to think creatively and find new ways to achieve objectives.

7. Helps in Controlling – Planning sets standards that can be used to measure actual performance and

 correct deviations.