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Management Assignment: Name: Maryam Fakhar Roll No: L1S14BCOM2015

Planning is the most important function of management. It includes setting objectives and crafting a strategy to achieve them. Without planning, organizing, controlling, and leading cannot be effective as the organization lacks direction. There are three main types of planning: strategic planning examines strengths, weaknesses, opportunities, and threats to develop long-term solutions; tactical planning has time limits to achieve objectives; and operational planning implements short-term goals over one year or less and can change with business dynamics. Planning is important as it allows efficient resource use, preparation for unexpected events, and determination of proper organizational goals.

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36 views

Management Assignment: Name: Maryam Fakhar Roll No: L1S14BCOM2015

Planning is the most important function of management. It includes setting objectives and crafting a strategy to achieve them. Without planning, organizing, controlling, and leading cannot be effective as the organization lacks direction. There are three main types of planning: strategic planning examines strengths, weaknesses, opportunities, and threats to develop long-term solutions; tactical planning has time limits to achieve objectives; and operational planning implements short-term goals over one year or less and can change with business dynamics. Planning is important as it allows efficient resource use, preparation for unexpected events, and determination of proper organizational goals.

Uploaded by

AizaButt
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Management Assignment
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Name: Maryam Fakhar
Roll No : L1S14BCOM2015
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Q1. Which function of management is most important?


Ans. Planning affects all aspects of the business. It includes coming up with objectives and
crafting a strategy that can help the company achieve these objectives. Without proper planning,
all other functions of management become irrelevant because the organization lacks a proper
road map.
Other functions of management such as organizing, controlling and leading must conform to the
framework crafted in planning. There are three main types of planning. Strategic planning entails
a close examination of the organization's strengths, weaknesses, opportunities and threats and
then uses the information to come up with solutions that help achieve the objectives. Tactical
planning normally has a time limit to achieve results. It gives more definite ways of achieving
the objectives of the organization. Operational planning is normally implemented to achieve
short-term goals because it may last for a period of 1 week to 1 year. It is subject to change
according to the dynamics that exist in the business environment.\

Q2. Why is planning so important in management?


Ans. Planning is important in management because it allows managers to use resources
efficiently and prepare for the unexpected. It also helps managers determine the right goals to
seek. Proper planning helps employees at a company know what they should be trying to
accomplish.

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