An established policy helps to resolve the problems and issues easily. (c) Policies: They are the general statements which serve as guideline in the decision making process. Examples of strategies: Strike iron while it is hot Divide and rule, Time is a great healer. (b) Strategies: Strategies are the specific programmes of action for achieving the objectives of the organization by employing the resources efficiently and economically. (a) Objectives: Objectives lay down guidelines for the activities and serves as a bench mark for measuring the performance of the organization. of action, Evaluating alternative courses, Selecting an alternative, Implementing the plan, Follow up action. → Steps in planning: Setting objectives, Developing premises, Identification of alternative course. → Limitation of planning: It leads to rigidity, may not work in dynamic environment, and reduce creativity, involves huge costs and time consuming, it never guarantee the success. → Importance: It provides direction, reduce the risk of uncertainty, reduce overlapping and wasteful activities, provide innovative ideas, facilitate decision making, and establish standards for controlling. → It concentrates on setting objectives and determines future course of action. → It is a continuous and never ending process → It is a base for all other functions of management. → It is the first function to be performed in the process of management. Karnataka 2nd PUC Business Studies Notes Chapter 4 Planning
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