What are the Steps in Management Planning Process?

Main Steps in Management Planning Process as follows: Planning can be described as deciding in advance what is to be completed in future. Several of the fundamental steps involved into planning are as:

1. Setting all objectives: it is the most crucial step within the planning process.

2. Establishment of planning premises: this is an identification of the assumptions like to future conditions.

3. Development of optional courses of action: There should be a search by the management for the different alternatives.

4. Critical evaluation of the optional courses of action-going within the plus and minus points of every option and determine the net worth of each option

5. Selection of the best option: this decision is based upon experience and experimentation

6. Formulation of derivative plans: all these plans are derived through the main plans.

7. Implementation of the plan: it is the most important step and the plan would have to be communicated to such who are supposed to initiate action.

8. Follow up Action: it means watching the consequences that arise through the implementation of the plan

9. Restarting the planning cycle: New plan should be undertaken to take the place of the accomplished plan like planning is a continuous process.