What is the nature and purpose of planning? Briefly explain the components of planning.

What is the nature and purpose of planning?

The Nature of planning

Planning is

• an intellectual process i.e the planner uses his/her experience, intellect, education in planning
• a decision-making process- generating choices, evaluating them, choosing one and committing
• a continuous process- planning has to be carried out in real-world- any change in real-world causes changes in planing process
• adopts principle of navigational changes- planning process accommodates changes in various forms such as modification, complete changes

Why planning is necessary?
Planning has the following benefits

• It avoids risks and uncertainty- thinking carried out during planning anticipates risks and and finds round about measures to minimize them
• it leads to success- a planned venture is always better than one that is based on intuition
• it helps to focus on organizational goals- planning is all about determining business goals
  it facilitates controlling- provides basis for control measures

Briefly explain the components of planning.