Explain the advantages and limitations of planning. What should be done to overcome its limitations?

Explain the advantages and limitations of planning. What should be done to overcome its limitations?
Limitations of Planning

• Planning is expensive and time consuming process
• Planning restricts the organization to only rational and risk-freee opportunties
• In a dynamic business enviroment planning process has limited scope
• Getting accurate planning premises is difficult

Overcoming limitations of planning process

• Build flexibilty into business planning to overcome rigidity by way of periodic reviews
• Use small teams and simple planning process to reduce cost of planning