CBSE Class 12 Business Studies Chapter 4

Planning Class 12 Revision Notes

Planning class 12 notes explain the meaning of planning. It is deciding in advance what to do and how to do it is the basic managerial function. This chapter also explains the importance of planning. This chapter explains the features of planning. Planning focuses on achieving objectives. It is a primary function of management. Planning is pervasive, continuous, futuristic, involves decision making and it is a mental exercise. It also deals with the limitation like planning leads to rigidity, planning may not work in a dynamic environment, planning reduces creativity, planning involves huge costs, planning is a time consuming and planning does not guarantee success.

This chapter also explains the planning process and different types of planning. All business firms like to be successful, increase their sales and earn profits. All manger dream of these and strive to achieve their goals but to turn these dreams into reality managers need to work hard in thinking about the future, in making business predictions and achieving targets. Dreams can be turned into reality only if the business manager thinks in advance on what to do and how to do it. This is the essence of planning . The chapter also explains the planning process and different types of planning.

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Sub-topics covered under Planning:

Introduction, Meaning, Importance, Features & Limitations of Planning: The sub-topic explains the planning is deciding in advance what to do and how to do.
Planning Process: The sub-topic explains the planning process like setting objectives, developing premises, identifying alternatives courses of action, evaluating alternative courses, selecting alternatives, implement the plan and follow –up action.
Types of Plan: The sub-topic explains different types of planning i.e. objectives, strategy, policy, procedure, method, rule, program, and budget.

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