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Unit 2 : Planning
Management & Entrepreneurship
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5/6 Semester VTU
What Is Planning?
•Planning
A primary functional managerial activity that involves:
Defining the organization’s goals
Establishing an overall strategy for achieving thosegoals
Developing a comprehensive set of plans to integrateand coordinate organizational work.
Types of planning
Informal:
not written down, short-term focus; specific toan organizational unit.
Formal:
written, specific, and long-term focus, involvesshared goals for the organization.
Why Do Managers Plan?
•Purposes of Planning
Provides direction
Reduces uncertainty
Minimizes waste and redundancy
Sets the standards for controlling
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