Essential elements of Planning

Category: Bank
Posted on: Monday, September 18, 2017

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The main components or elements of planning are as follows:-

 (1) Objectives: Objectives are the desired results that an organization wants to achieve within a specified time period.

(2) Strategies: Strategy means the long range approach for dealing with the organization’s competitive environment with a view to win over competitors in business.

(3) Policies: Policies are the guidelines set to provide direction in decision making. These set the boundaries around which decisions are made.

(4) Procedures: Procedures are the chronological sequence of steps or actions to be taken to accomplish a specific test or job.

(5) Method: A method is a prescribed way of completing a step in a procedure.

(6) Rules: Rules are guiding statements that direct action or behaviour of individuals in a given situation.

(7) Standards: Standard is a measure against which the level of performance is measured or evaluated.

(8) Programmes : A programme is a sequence of action steps arranged in the priority necessary to accomplish an objective.

(9) Schedules: A Schedule is a plan which indicate the time of : (i) commencement of task; (ii) passing through the different stages or processes  and (iii) Finalizing the task.

(10) Budgets: A budget is a numerical plan containing expected results in quantitative or numerical terms.

(11) Projects: A project is a programme with less significant objectives, generally a shorter period of time and usually less detail.