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No organisation can smoothly operate without strong planning; hence, it becomes the major and chief management function. For action, planning is considered a prep step, meaning that planning is a systematic pre-thinking to examine a course of action to acquire the desired goal. Planning is a technique to chalk out beforehand about what to do, how to do it, when and by whom it is to be done.
With the help of systematic planning, a manager tends to fix the goals and targets of the company and, with the same path, other departmental goals as well. Furthermore, the manager comes up with a blueprint to map out the different methods of acquiring the goals within the stipulated period of time.
If a company is doing well, the credit goes to successful and strong planning. The key elements of planning are inclusive of objectives, forecasting, policies, procedures, rules, programmes, budgets, projects and strategies. Therefore, planning is essential for any company, be it small or large, to climb the ladder of success.
Below are the chief principles of planning:
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