1001 Lecture 2: Unit 2-PBM- Managerial Planning & Decision Making

• School: Swami Ramanand Teerth Marathwada University
• Department: Management
• Course: 1001

Document Summary

Planning is essential in every walk of life. Each and every person has to frame a plan to proceed in his schemes. A person whether he is engaged in business or not, has framed a number of plans during his life. The plan period may be short or long. According to arnold toynbee, "one of the characteristics of being human is that he makes plan. " Planning is the first and foremost function of management. All eminent writers have said that the planning function precedes all other managerial functions. Effective planning facilitates early achievement of objectives, which depends upon the efficiency of the planner. A planner is a person who frames a plan to put his schemes into practice. The planner can develop his efficiency by preparing himself to face the future developments. Planning is an intellectual process of thinking resorted to decide a course of action which helps achieve the pre-determined objectives of the organization in future.