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ISC Class XII Notes 2024 : Commerce (Smt. Lilavatibai Podar High School (LPHS), Mumbai)

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Smt. Lilavatibai Podar High School (LPHS), Mumbai

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Lilavatibai Podar High School, ISC Academic Year 2024 2025 Subject: Commerce Grade: 12 Topic: Chp 8. Planning Topics to Cover Planning: Meaning, Steps, Importance, Limitation Types of plans: Objectives, Policy, Procedures, Method, Rule, Bud Program, Strategy (Meaning, features & differences). Q.1 What is planning? Answer: 1)A plan is a course of action to be taken in future. 2) It is a predefined course of action. Planning is the process of deciding in advance the objectives to be achieved during a given period, formulating alternative courses of action to achieve them and selecting the best course of action. 3) For example, a trader decides to increase his sales. In order to achieve this objective, he should examine various alternatives, e.g., advertising, price cut, better service to customers, etc. and choose the most appropriate course of action. 4) Planning is a mental exercise that requires imagination, foresight and sound Judgment. It is thinking before doing. Planning is looking ahead, anticipating the future and deciding the course of action to be taken. Planning involves choice among alternative course of action. Q.2 Explain briefly the importance of planning. OR Planning is beneficial to all . In the light of this statement, discuss the importance of planning. OR Planning is of vital importance in the managerial process . Do you agree? Explain any five points in support of your answer. Answer: Planning is of vital importance because it is pervasive and precedes all other functions of management. Sound planning is an essential condition for effective management. Poor planning has often been a cause of failure in business. Sound planning offers the following advantages: 1. Focuses Attention on Objectives: Planning makes the goals clear and specific because the objectives or goals to be achieved are decided before plans are drawn. Planning focuses managerial attention on the purposes for which various activities 1

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