Briefly describe the nature of Planning Process and its necessity for an organisation. Explain different types of planning and their requirement

The planning process involves setting objectives, identifying methods to achieve them, and making decisions to allocate resources effectively.

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It includes:

1. Setting Objectives: Defining clear goals for the organization.
2. Identifying Alternatives: Exploring various ways to achieve objectives.
3. Evaluating Alternatives: Assessing pros and cons of different courses of action.
4. Selecting an Alternative: Choosing the most suitable plan.
5. Implementing the Plan: Executing the chosen course of action.
6. Monitoring and Controlling: Checking progress and adjusting plans if needed.

Planning is crucial for an organization as it provides direction, reduces uncertainty, minimizes risks, and helps allocate resources efficiently.

Different types of planning include:

1. Strategic Planning: Long-term planning focusing on overall goals and strategies.
2. Tactical Planning: Short-to-medium term planning translating strategic goals into specific actions.
3. Operational Planning: Day-to-day planning to accomplish tasks and objectives.
4. Contingency Planning: Preparing for unexpected events or crises.
5. Financial Planning: Managing financial resources to meet organizational goals.
6. Marketing Planning: Outlining strategies to promote and sell products or services.

Each type of planning addresses specific aspects of organizational functioning, contributing to its overall success.