Question

Explain why planning is important in the success of any organization--private or public, profit or non-profit, big or small.

Answer 1

Planning is the process where companies sets their objectives and determine the method how they can achieve them. It is starting point for any business; suppose a company have various alternatives for its future investment and based of its analysis it has selected a project and make a strategy that how it will go in short-run and long-run and how it’s going to utilize its resources. This process is known as planning and it is important for all kinds of businesses either big or small, private or public, profit or non-profit. Once the planning is completed then only, the company can move on organizing itself by making the infrastructure, resource allocation for different activities etc. Planning is affected by time constraints, situations and personality types of individuals. The planning is not only done for the present; it needs a reasonable assessment for future also so that if the businesses grow then the structure can support them.