MGT 420 Module 2 Discussion Question 1:

Using examples from your experience, what is the importance of planning to the practice of management?

ADDITIONAL INFORMATION

Importance of planning to the practice of management

Introduction

Planning is an important activity in the practice of management. It helps not only to make decisions but also prevents possible mistakes. The planner helps in decision making by identifying the problems and providing solutions for them; this makes it easier for the manager to make decisions based on his own knowledge, experience and intuition rather than relying upon someone else’s opinion or judgment. A good planner will also help increase efficiency by facilitating co-ordination of activities among members at different levels within an organization who are responsible for carrying out various tasks involving humans resources; thus reducing costs both through reducing waste (time) spent commuting between offices etcetera., but also because it reduces duplication of effort when two people have been assigned each task several times before realizing how inefficient their efforts really were!

1. Helps in decision making:

A good planner helps make decisions by:

• Determining the best course of action. If you’re considering two options for dealing with a problem, it’s helpful to have an idea of which one will solve your problem and why.

• Identifying the problem and its causes (the root cause). This is important because there are many possible solutions that could work in addressing this issue but only one will be right for your situation—you need to determine which one is right for you! The more information you have about what’s causing problems in your organization or team, the easier it will be for them when planning their next steps towards resolution!

2. Helps to prevent possible mistakes:

Planning helps to identify mistakes before they happen. For example, if you’re planning a big event, it’s important to think about all the ways that things might go wrong and how you could deal with them. You might make sure there are enough chairs for everyone who wants to sit down at your party so that no one has to stand up for the duration of their meal. Or perhaps you could ask someone in charge of dressing up as Santa Claus who will be coming along on this trip—they may have better advice than anyone else about what kind of suit he should wear for such an occasion!

Planning also allows us time to learn from our mistakes: if we know beforehand what can go wrong, then we won’t waste energy trying (and failing) because we’ve already planned ahead; instead we’ll focus on solving those problems quickly before they become more complex or expensive ones later on down the line.”

3. Increases the efficiency of the manager:

Planning helps to eliminate waste and inefficiency. It also makes better use of resources, as well as saving time and effort. Planning allows you to avoid mistakes, which can be costly; it provides a basis for control of actual performance with pre-determined standards; and it reduces the likelihood that your performance will fall below expectations.

Planning helps you achieve all these objectives because by planning ahead you know exactly what needs to be done so that nothing will fall through the cracks or get overlooked when things get busy at work later on in the day/week/month etc..

4. Facilitates co-ordination of activities and provides unity of action:

• Facilitates co-ordination of activities and provides unity of action:

It is a tool for the management to organize its activities, so that it can take decisions on what should be done by whom how and in what sequence. It also helps to prevent mistakes thus avoiding wastage or loss of time and money. Planning helps in controlling actual performance with pre-determined standards which means that if a plan has been prepared then there would be no scope for deviation from it or deviation from the objectives set out in it at any stage during its implementation process – this ensures continuous improvement in quality service delivery system over time

5. Reduces costs, saves time and effort:

• Reduces cost of production:

The production process should be carefully planned in order to reduce the cost. For example, if you want to produce a certain product on your own, then you need to consider all the expenses involved in producing this product. It will be very difficult for you if there are no clear guidelines regarding how much money should be spent on various activities such as raw material procurement and manufacturing process.

• Reduces cost of marketing: Marketing costs include advertising expenses like printing brochures or leaflets etc., distribution costs like shipping goods by air or sea transportation etc., sales promotion activities such as sales visits made by sales reps across different regions thus increasing awareness among potential customers about their products/services offered by them (e-mail newsletters sent out periodically). A company must also keep track of its competitors’ activities so that it can learn from them with respect to their marketing strategies which may help improve its own performance in terms of customer satisfaction levels at least within certain limits (i

6. Facilitates forecasting and prediction of future events:

Forecasting is a scientific process. It helps in planning for the future, which is important for decision making. A forecaster should use relevant data and information to make accurate predictions about future events.

7. Provides a basis for control of actual performance with pre-determined standards:

Management is concerned with the control of costs, quality and time. The goals of management are to provide a basis for control of actual performance with pre-determined standards. This can be done through the use of controls systems that monitor and evaluate performance.

8. Encourages creative, innovative thinking and decision making on all levels of management through forecasting standards and goals, setting objectives, etc.:

The practice of management is often thought of as simply a matter of setting goals and objectives. However, much more than that goes into it. Planning for success requires you to set standards for achievement, targets for performance, and objectives for each level of management.

For example:

• Set goals by identifying your desired state in which you want your organization to be (e.g., increase sales by 10% over last year).

• Set standards by defining what qualifies as “good” or “acceptable” performance—this could include meeting customer needs; exceeding cost projections; providing consistent quality products or services; etc.

• Establish priorities in order to focus attention on those activities most likely to contribute directly toward reaching those goals/objectives identified above (often referred to as “critical paths”). Assigning resources appropriately will help ensure these critical paths get prioritized correctly—and nobody wants their program blocked because there weren’t enough resources available!

Takeaway:

A well-planned project can improve the quality of your work and make it easier to create a repeatable process. The benefits are obvious: you’ll have fewer surprises, know what you need to do next and when, have time to catch up on things (like a vacation), and reduce stress because everything will be shipshape before launch time!

But there are also drawbacks—planning takes time away from actual work, which could lead some people (like me) into procrastination territory. If you don’t take your planning seriously or don’t put enough effort into it, then no one wins: neither yourself nor anyone else involved in the project will get their desired results.

So how does one go about improving their own planning skills? Here are some tips:

Conclusion

Planning is not only a decision making tool, but also an organizational tool that helps to implement the decision. Planning helps us to enhance our performance at all levels of management through forecasting standards and goals, setting objectives and objectives of activities which should be controlled by pre-determined standards. Planning also facilitates co-ordination of activities to provide unity of action in organizations.

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