Planning process consists of the following :
(1) Setting Objectives : Defining objectives is the initial phase in the planning process where an organization outlines its goals, indicating what it aims to accomplish.
(2) Developing Planning Premises :Planning primarily concerns future-oriented actions, anticipating certain events that are likely to influence policy development.
(3) Identifying Alternative Courses of Action : After establishing objectives, assumptions are formulated, followed by taking action based on them. There exist numerous approaches to act and accomplish these objectives, necessitating the identification of all potential courses of action.
(4) Evaluating Alternative Course of Action : During this stage, it is crucial to assess both the favorable and unfavorable aspects of each alternative in alignment with the objectives to be attained.
(5) Selecting One Best Alternative : The optimal plan, one that maximizes profitability while minimizing adverse impacts, is chosen and put into action. In such instances, the manager's experience and judgment are pivotal in selecting the most favorable alternative.
(6) Implementing the Plan : This is when other managerial tasks come into play. It's about doing what needs to be done.
(7) Follow Up Action : Keeping a constant eye on the plan and gathering feedback regularly is called follow-up. Monitoring plans is crucial to make sure they're being carried out as scheduled.