I.

• Effective planning

  • enables us to not only address business situation but also improve the way we conduct our personal lives.
• Planning

  • primary management function that determines and outline the system to be followed by the business.
• System - composed of frameworks that define the operations tasks, and relationship within business. 
• • Input -  raw materials, money, technology and people. 
• • Outputs - tangible results of business processes such as products or services 
• • Outcomes - impact brought about by outputs. They include benefits to consumers, workers’ remuneration and environmental and social impacts 
• • Input -  raw materials, money, technology and people. 
  • Outputs - tangible results of business processes such as products or services 
  • Processes
  • Outcomes - impact brought about by outputs. They include benefits to consumers, workers’ remuneration and environmental and social impacts 
• NATURE OF PLANNING

  • Planning is a primary management function. 
  • Planning is significant.
  • Planning is by nature an intellectual exercise. 
  • Planning is also a continuous process. 
• • Top Management the goals comes up with general plans, which are given to Lower Management.
• • Lower Managers - conduct their own planning to implement the general plans and come up with concrete means to achieve the goals of top management.
• VISION STATEMENT

  • describes what the company wants to achieve and where it wants to go in the future. 
  • determines the course and direction of the company.
  • identifies which markets, technologies, products or customers to focus on.
•  Graphic 

  • vision projects to the market the kind of company that the management wants to create and kind of the company that it aspires to be.
• Directional 

  • describes the path where the company wants to go and present specific plans to move forward in the future. 
• Focused 

  • vision is very specific so managers are properly guided on what to do in terms of resources and strategies. 
• Flexible 

  • it allows room for managers to change based on market situations, technological advancements, and customer preference.
• Feasible 

  • vision is achievable and realistic
• Desirable

  • vision is clear on why the path is practically sensible and serves the interest of members in long run. 
• Easy to communicate 

  • vision is easy to understand, articulated, and can be simplified into a powerful slogan. 
• MISSION STATEMENT

  • Describes a company’s reason for its existence. It answers the question why the company exist. 
• Goals 

  • specific accomplishments or actions plans that are usually attained after a long period. 
  • broader in scope because the intentions are more general and involve outputs that are intangible and non-measurable.
• Objective 

  • to action plans that involves shorter periods and more measurable outputs. These tend to be more specific and result in tangible outcomes.