Disclaimer Copyright. According to Billy E. Goetz, “Plans cannot make an enterprise successful. Planning is one of the most important and crucial functions of management. Planning is goal-oriented in the sense that plans are prepared and implemented to achieve certain objectives. Home / Notes / Advanced Level Notes / Business Studies A Level Notes Business Studies A Level Notes garikaib 2020-01-27T14:00:10+02:00 ZIMSEC Advanced Level Business Studies Notes According to Billy E. Goetz, “Planning is fundamentally choosing and a planning problem arises when an alternative course of action is discovered.”, According to Koontz and O’ Donnell, “Planning is an intellectual process, conscious determination of course of action, the basing of decision on purpose, facts and considered estimates.”, According to Allen, “A plan is a trap laid to capture the future.”. This thus requires a great degree of mental prowess and ability. To maintain a symmetry of performance and a smooth flow of work, the sequence of operation shaped be arranged carefully by giving priorities to some work in preference to others. It is mixed in all managerial functions but there too it gets precedence. This leads to success. Evidently, evaluation of alternative is a must to arrive at a decision. Since planning foresees the future and also makes a provision for it, it gives an added strength to the business for its steady growth and continuous prosperity. Planning is nothing but thinking before the action takes place.It helps us to take a peep into the future and decide in advance the way to deal with the situations, which we are going to encounter in future. to assist with professional image. Business case studies take a lot of time to formulate. According to Koontz and O’Donnell, “Without planning business becomes random in nature and decisions become meaningless and adhoc choices.” According to Geroge R. Terry, “Planning is the foundation of most successful actions of any enterprise.” Planning becomes necessary due to the following reasons: Future is always full of uncertainties. Before publishing your Articles on this site, please read the following pages: 1. It thus gets primary everywhere. LESSON PLAN 9. Planning involves setting goals and determining the most economical and viable course of action to achieve the predetermined goals. This planning actually deals with all the strategies and policies adopted by management to sell their product in the market and achieving sales targets within the assigned time frame. A realistic look must be taken at the prospect of these new opportunities and SWOT analysisshould be done. Features of planning in Hindi. Features of Planning (i) Planning Focuses on Achieving Objective Planning is purposeful. While I can't speak to all facets of life, this is certainly true in business. It is a futuristic step that helps a business to identify risks beforehand, to figure out the necessary steps, and to forecast growth. It requires the clear definition of objectives so that most appropriate alternative courses of action are chosen. Some of the uncertainties can be predicted by undertaking systematic forecasting. 2. Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Business Studies for Class 12 so that you can refer them as and when required. Good plans unify the interdepartmental activity and clearly lay down the area of freedom in the development of various sub-plans. The best app for CBSE students now provides Business Environment class 12 Notes Business Studies and latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Otherwise, it would be difficult to choose the best course of action in the perspective of company needs and resources as well as objectives laid down. - Developing a professional image (e.g. Business case studies take a lot of time to formulate. Since plans are there from the very first stage of operation, the management is able to handle every problem successfully. They may be a documentation plan of something that already happened; they still take a lot of time to format. However, the major steps involved in the planning process of a major organisation or enterprise are as follows: The first and primary step in planning process is the establishment of planning objectives or goals. Features of Business Policy. A … Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run. A plan is a predetermined course of action to achieve a specified goal. 6 Business Studies— CBSE XII 3. Content: - Time management, personal goals, definition of success and a balance lifestyle (e.g. Likewise, another course of action may be found contributing significantly to the company’s long-range objectives although immediate expectations are likely to go unfulfilled. Production Planning including routing, scheduling, dispatching and feedback should be implemented. It is the groundwork for all future plans of the organization. 1. _____ is a comprehensive plan for achieving its objectives. Form 5. NCERT Solutions CBSE Sample Papers Business Studies +2 Business Studies. Introduction to Business: The nature and purpose of business activity; Levels of Economic Activity; The Economic Problem; Factors of Production. Identifying what and how things can and might go wrong Understanding … Business and its Environment. Planning is a Continuous Process. It is the function of every managerial personnel. Say for example the government plans on promoting cottage in… Features of Business Policy. Contingency planning involves: Preparing for predictable and quantifiable problems Preparing for unexpected and unwelcome events; How Contingency Planning Relates to Risk Management. 1. It involves logical thinking and rational decision making. In order to separated planning from operational management ‘Functional foremanship’ should be introduced. Planning to Plan. In other words, plans do not accomplish themselves. Planning Planning can be defined as “thinking in advance what is to be done, when it is to be done, how it is to be done and by whom it … Each manager and department of the organisation is to contribute to the accomplishment of the master plan on the basis of the derivative plans. Various departments work in accordance with the overall plans of the organisation. TOS4. Planning is the chapter that teaches students the importance of business planning. Levels: AS, A Level; Exam boards: AQA, Edexcel, OCR, IB; Print page. PublishYourArticles.net is home of thousands of articles published by users like YOU. PublishYourArticles.net - Publish Your Articles Now, Copyright infringement takedown notification template. Context: SELF MANAGEMENT. Planning leads to more effective and faster achievements in any organization. Without plans, action must become merely activity producing nothing but chaos.”, Role, Significance, Importance & Advantages of Planning. All the external forces: Business Environment includes all the forces, institutions and factors which directly or indirectly affect the Business Organizations. Features of Planning : 1. The entire NCERT textbook questions have been solved by best teachers for you. It has no meaning unless it contributes to the achievement of predetermined organisational goals. Image Source: acupuncturewell.com/wp-content/uploads/2012/12/plan-guy.jpg. When a manager plans, he projects a course of action for further attempting to achieve a consistent co-ordinate structure of operations aimed at the desired results. Planning class 12 business studies in hindi. It is an intellectual process characterized by thinking before doing. Planning is made to achieve desired objective of business. The article discusses in detail about the 5 basic functions of management, which are - planning… Free PDF Download of CBSE Business Studies Multiple Choice Questions for Class 12 with Answers Chapter 4 Planning. Therefore, the manager has to go on modifying revising and adjusting plans in the light of changing circumstances. An important advantage of planning is that it makes effective and proper utilization of enterprise resources. Thus, planning helps in foreseeing uncertainties which may be caused by changes in technology, fashion and taste of people, government rules and regulations, etc. The available resources are used to the best of their capacity. Planning contributes positively in attaining the objectives of the business enterprise. Without such a plan a business is likely to drift. The character, nature and scope of planning may change fro personnel to personnel but the planning as an action remains intact. Students can solve NCERT Class 12 Business Studies Planning MCQs Pdf with Answers to know their preparation level. MCQs on other chapters like Principle of Management & more. balancing work with relaxation). We already know what planning is, it is the deciding of what is to be done in advance. neatness of work, presentations) and access resources. The main features of business environment are: 1. Bad timing of programmes results in their failure. The best app for CBSE students now provides Business Environment class 12 Notes Business Studies and latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. This allows for a business to bring about a certain degree of certainty to the uncertain future. Discuss. It is usually based on tangible and intangible resources. 3. Planning and technological development: A business enterprise can survive in the market only if it uses the latest technology. The Marketing Planning Process deals with guidelines regarding the launching of a product and making it the best seller in a specific period of time. Planning is a Primary Function of Management 1. These types of business resources are crucial and are important to have for your business in order for it to succeed. Planning assists in reducing the cost of performance. Have you ever heard the saying 'Those who fail to plan, plan to fail'? CBSE class 12 Business Studies Planning class 12 Notes Business Studies in PDF are available for free download in myCBSEguide mobile app. Effectiveness ensures that the organisation is in a position to achieve its objective due to increased efficiency of the organisation. Page 2 Topic 1: NATURE OF BUSINESS Timing: 25% of indicative time Focus: The focus of this topic is to examine the role and nature of business in the economy and to identify how the environment can impact on Manning of Planning. Therefore, planning is helpful. balancing work with relaxation). Planning ensures organizational effectiveness. Coordination enables the business to make efficient use of its available resources. Planning is a function that is the foundation of the management process. The starting and finishing times are fixed for each piece of work, so as to indicate when the within what time that work is to be commenced and completed. Therefore, there should be coordination among them. Characteristic Features of Planning: The planning function of management has some special features. As one moves downward, internal premises gain importance. Its objectives and course of action must be clearly defined leaving no ambiguity in the minds of those who are responsible for its execution. And it is most likely that alternatives properly assessed may prove worthy and meaningful. Definite objectives, in fact, speak categorically about what is to be done, where to place the initial emphasis and the things to be accomplished by the network of policies, procedures, budgets and programmes, the lack of which would invariably result in either faulty or ineffective planning. Since plans are there from the very first stage of operation, the management is able to handle every problem successfully. An effective business policy must have following features-Specific-Policy should be … If you need to write an Amazon business case study, you should also mention the product planning in this corporation. The following outline is provided as an overview of and topical guide to management: . A Case Study: Real-Life Business Planning A planning meeting should set the foundation for real strategy, not set forth the strategy itself. Planning bridges the gap from where we are to where we want to go. Explain how planning facilitates decision-making ? 3. What is meant by planning ? Formulating plans and chalking out of programmes are not sufficient, unless follow-up action is provided to see that plans so prepared and programmes chalked out are being carried out in accordance with the plan and to see whether these are not kept in cold storage. Features Of Planning Business Studies ⑴ Planning focuses on achieving objectives: Planning has no importance unless it contributes to the accomplishment of predetermined organizational goals. What are the key elements in the concept of planning ? The entire NCERT textbook questions have been solved by best teachers for you. If conditions have changed, the plan current plan has become outdated or inoperative it should be replaced by another plan. These include organizational polices, various resources and the ability of the organisation to withstand the environmental pressure. Hence, it can be concluded that planning is dynamic. The supervisor of a factory crew plans in a limited area under fairly strict rules and procedures. To help you in making a case study, here are 10+ business case study examples you can look into. Free PDF Download of CBSE Business Studies Multiple Choice Questions for Class 12 with Answers Chapter 4 Planning. ⑶ It is a futuristic step that helps a business to identify risks beforehand, to figure out the necessary steps, and to forecast growth. The business plan sets out how the owners/managers of a business intend to realise its objectives. The planning process is valid for one organisation and for one plan, may not be valid for other organizations or for all types of plans, because various factors that go into planning process may differ from organisation to organisation or from plan to plan. Sample Business Studies Program: Business Studies in Action Preliminary Course 2nd Edition 2006: Chapman, Devenish & Dhall, John Wiley & Sons Australia Ltd. It includes the selection of only one course of action amongst the different courses of action that would yield the best results at minimum cost. Content: - Time management, personal goals, definition of success and a balance lifestyle (e.g. They managed to explore this area better and take its steps. It involves continuous collection, evaluation and selection of data, and scientific investigation and analysis of the possible alternative courses of action and the selection of the best alternative. 2. 4. Business Studies MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. To help you in making a case study, here are 10+ business case study examples you can look into. These are: To make any planning process complete the final step is to formulate derivative plans to give effect to and support the basic plan. Effective planning gives a competitive edge to the enterprise over other enterprises that do not have planning or have ineffective planning. At the top level mainly external premises are considered. The next logical step in planning is to determine and evaluate alternative courses of action. Planning is effective only when the persons involved work in a team spirit and all are committed to the objectives, policies, programmes, strategies envisaged in the plan. This is because planning may involve expansion of capacity, changes in work methods, changes in quality, anticipation of tastes and fashions of people and technological changes etc. It has no meaning unless it contributes to the achievement of predetermined organisational goals. As elaborated above, planning involves making predictions with the amount of information we actually have. He never takes any advice and suggestions of other people. Business Studies A Level Notes garikaib 2020-01-27T14:00:10+02:00. Planning is a process which embraces a number of steps to be taken. Planning focuses on achieving objectives: Companies are set up with a common goal in view. Planning is the conscious process selecting and developing the best course of action to accomplish an objective. Request Information about Courses in Business Studies 2021. Planning is one of the most important parts of running a business, no matter whether it is a large multinational corporation trying to plan an. They convey the information about what to do and how to do. Definitions, Meaning & characteristics of Planning. Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Business Studies for Class 12 so that you can refer them as and when required. Features/Nature of Coordination The features or nature of coordination are as follows: (i) Integration of group efforts All business activities are interdependent. Planning bridges the gap between where the organization currently find itself and where it wishes to be. Under sequence it should be decided as to who will don what and at what time. It involves logical thinking and rational decision making. Both internal factors should be considered in formulating plans. (ii) Planning is a Primary Function of Management Planning is the primary … Think about how you would plan for the weather if you ran a plant in the hurricane zone on the Gulf coast. ⑵ Planning is a primary function of management: Planning lays down the base for other functions of management. The business plan serves several purposes:it (1) enables management to think through the business in a logical and structured way and to … Hello studentsTry this quiz to revise the concepts of Chapter -4 (Planning) of class 12 Business Studies.You will be able to check your answer after submitting.You will get your score after completing entire quiz.You can try this quiz any number of times Planning precedes other functions in the management process. Business Studies MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. CBSE class 12 Business Studies Business Environment PDF are available for free download in myCBSEguide mobile app. It is a process of deciding the future on the series of events to follow. These features cast enlightenment on its scope and nature. Planning contributes positively in attaining the objectives of the business enterprise. neatness of … Plan try to set everything right. All activities are done in a minimum possible time. Planning and control are inseparable in the sense that unplanned action cannot be controlled because control involves keeping activities on the predetermined course by rectifying deviations from plans. Points to Remember. It can operate successfully if it is able to predict the uncertainties. A regular follow-up is necessary and desirable from effective implementation and accomplishment of tasks assigned. Intellectual property; The concept of adding value; Industrialisation; Economic Systems. Share: Share on Facebook Share on Twitter Share on Linkedin Share on Google Share by email. Some of the uncertainties can be predicted by undertaking systematic. Planning premises are assumptions about the future understanding of the expected situations. It needs mentioning in this connection that objectives must be understandable and rational to make planning effective. It involves many functions like weighing risks, analyzing trade-offs, predicting business environment changes, etc. A business organisation has to function in these uncertainties. What is planning. Features Of Planning Business Studies ⑴ Planning focuses on achieving objectives: Planning has no importance unless it contributes to the accomplishment of predetermined organizational goals. You may desire to have your best year in business or increase revenue by 50%, but if a recession is looming and three new competitors opened in your market, then your goals aren’t relevant to the realities of the market. 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