Define Steps in Management Planning Process.

Planning can be explained as deciding in advance what is to be completed in future. Some of the fundamental steps involved in planning are as follows:

• Setting objectives: It is the most crucial step in the planning process.
• Establishment of planning premises: This is an identification of the assumptions as to future conditions.
• Development of alternative courses of action: - there should be a search by the management for the several alternatives.
• Critical evaluation of the optional courses of action-going in the plus and minus points of each alternative and determine the net worth of each alternative
• Selection of the best alternative: such decision is based upon experience and experimentation
• Formulation of derivative plans - all these plans are derived from the main plans.
• Implementation of the plan - it is the most important step and the plan would have to be communicated to those who are supposed to start action.
• Follow- up Action: this shows watching the consequences that arise from the implementation of the plan
• Restarting the planning cycle - latest plan should be undertaken to take the place of the accomplished plan when planning is a continuous process.