Accounting technicians scheme west africa
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| 9. Precision in planning Precision is the soul of planning. This gives the planning exact, definite, and accurate meaning in its scope and content. Any mistake or error in planning is sure to upset other functions of management and, thus, precision is of utmost importance in every kind of planning. 10. Feasibility of plans Planning is neither poetry nor philosophy. It is based on facts and experience, and thereby realistic in nature. It represents a programme which is possible to execute with more or less existing resources. 11. Planning is making a choice among Alternative Courses Planning involves selection of suitable course of action from several alternatives. If there is only one way of doing something there is no need of planning. Planning has to find out several alternatives, estimate the feasibility and profitability of the different alternatives, and to choose the best one out of them. 12. Efficiency of plans Planning is directed towards efficiency. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. In planning, the manager evaluates the alternatives on the basis of efficiency. A good plan should not only attain optimum relationship between output and input but should also bring the greatest satisfaction to those who are responsible for its implementation. 13. Inter-dependence in planning The different departments may formulate different plans and programmes for their integration in the overall planning. But sectional plans cannot but be interdependent. For example, production planning depends upon sales planning—and vice versa. Again, planning for purchase of raw materials, employment of labour, etc. cannot bean isolated act apart from sales planning and production planning. Planning is a structured process and different plans constitute a hierarchy. Different plans are interdependent and interrelated. Every lower-level plan serves as a means towards the end of higher plans. Download 3.37 Mb. Share with your friends:
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