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What is Managerial Planning Process?
Managerial Planning is a multi-step process that managers undertake as a core function. Some would argue that planning is the most important function, as it provides direction and provides guidance in all of the companies’ operational activities.
Planning is a process consisting of several steps. The number of steps will vary based upon the nature of the planning.
- Understand the Mission and Vision – The mission and vision identify the values and purpose of the organization. They will drive the development of goals and objectives. These objectives will serve as benchmarks as to whether you are furthering the company’s mission and moving toward its vision.
- Identify Objective – These are the things that a company wishes to achieve.
- Courses of Action – What are the alternative courses of action for achieving the desired objectives.
- Evaluate Alternatives – Evaluate the various alternatives to identify characteristics, requirements, and likely outcomes.
- Choosing a Course of Action – Based on the characteristics of each alternative, the planner must make decisions about the best courses of action for achieving objectives.
- Implement Plan – The planner must now execute the chosen course of action.
- Evaluate Results – After implementing the plan, planners must continually evaluate the success of their plans and take corrective action when necessary.