Jagran Josh
CBSE Class 12 Planning Notes: Here, students can find handwritten Class 12 Business Studies Chapter 4 Planning Notes. This will guide you in appropriate revision for the upcoming CBSE Board Exam.
Planning Class 12 Notes: Jagran Josh brings to you detailed and complete revision notes for Class 12 Business Studies Chapter 4, Planning. These CBSE Planning class 12 short notes have been prepared by the subject matter experts, after a thorough reading and analysis of the whole chapter. Students who are going to appear for the CBSE Board Examination in 2024 must have a look at the Planning Class 12 notes attached below. Also, Planning Class 12 notes PDF download links have been attached at the bottom for your convenience.
Revision Notes are a great source of standardized preparation for examination. Revision notes are quite important since all the vital details are presented in an understandable language and format, thus making it easy for students to grasp a sufficient amount of knowledge for examination. Planning class 12 handwritten notes will ensure that you get hold of all the important topics from the chapter.
Why is Planning revision notes Class 12 important for boards?
Class 12 Business Studies Chapter 4, Planning is important for boards because of the following reasons:
- It clears your doubts related to the Planning chapter
- All the points are presented and explained briefly
- Makes revision of the chapters easy and quick
- Unconsciously fills your mind with all the important details related to planning and its aspects
- Will help you recall the information during examinations
Related:
CBSE Class 12 Business Studies MCQs
CBSE Class 12 Business Studies Mind Maps
NCERT Solutions for Class 12 Business Studies 2023-2024
Revision Notes for Class 12 Business Studies Chapter 4, Planning
What do you mean by Planning?
Planning is deciding in advance what to do and how to do it. It is one of the basic managerial functions. Planning therefore involves setting objectives and developing an appropriate course of action to achieve these objectives. It is also defined as setting objectives for a given time period, formulating various courses of action to achieve them, and then selecting the best possible alternative from among the various courses of action available.
Importance of Planning
- Planning provides directions
- It reduces the risks of uncertainty
- It reduces overlapping and wasteful activities:
- Planning promotes innovative ideas
- It facilitates decision-making
- It establishes standards for controlling
Features of Planning
- Planning focuses on achieving objectives
- It is a primary function of management
- Planning is pervasive
- It is continuous
- Planning is futuristic
- It involves decision-making
- Planning is a mental exercise
Limitations of Planning
- It leads to rigidity
- Planning may not work in a dynamic environment
- It reduces creativity
- It involves huge costs
- Planning is a time-consuming process
- Planning does not guarantee success
Planning Process
The following process of planning is followed:
- Setting the objectives
- Developing Premises
- Identifying alternative courses of action
- Evaluating alternative courses
- Selecting an alternative
- Implementing the plan
- Follow-up action
Types of Plans
The types of plans are as follows:
- Single-use Plans- The plans that are created for non-recurring situations and for a single-time use are called single-use plans. These plans are not repeated and the duration of the plan extends till the completion of the project. These plans include budgets, programs, and projects.
- Standing Plans- A standing plan is used for activities that occur regularly over a period of time. It is designed to ensure that the internal operations of an organization run smoothly. Such a plan greatly enhances efficiency in routine decision-making. It is usually developed once but is modified from time to time to meet business needs as required. Standing plans include policies, procedures, methods, and rules.
What do you mean by Objectives?
Objectives are the desired aim an organisation wants to reach. They are very basic to the organisation and they are defined as ends that the management seeks to achieve through its operations. They define the future state of affairs which the organisation strives to realize. They serve as a guide for overall business planning. Objectives need to be expressed in specific terms i.e., they should be measurable in quantitative terms.
What do you mean by Strategy?
Strategy is a comprehensive plan for accomplishing an organisation’s objectives. This comprehensive plan will include three dimensions, determining long-term objectives, adopting a particular course of action, and allocating resources necessary to achieve the objective. Strategies usually take the course of forming the organization’s identity in the business environment.
What do you mean by Policy?
Policies are general statements that guide thinking or channelize energies toward a particular direction. They are guides to managerial action and decisions in the implementation of strategy. Policies define the broad parameters within which a manager may function.
What do you mean by Procedure?
Procedures are routine steps on how to carry out activities. They detail the exact manner in which any work is to be performed. They are specified in a chronological order. Procedures are specified steps to be followed in particular circumstances. The sequence of steps or actions to be taken is generally to enforce a policy and to attain pre-determined objectives.
What do you mean by Method?
Methods provide the prescribed ways or manner in which a task has to be performed considering the objective. Selection of the proper method saves time, money, and effort and increases efficiency. For imparting training to employees at various levels from top management to supervisory, different methods can be adopted.
What do you mean by Rule?
Rules are specific statements that inform what is to be done. They do not allow for any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. They are usually the simplest type of plan because there is no compromise or change unless a policy decision is taken.
What do you mean by Programme?
Programs are detailed statements about a project that outline the objectives, policies, procedures, rules, tasks, human and physical resources required, and the budget to implement any course of action.
What do you mean by Budget?
A budget is a statement of expected results expressed in numerical terms. It is a plan that quantifies future facts and figures. A budget is useful as it becomes easier to compare actual figures with expected figures and take corrective action subsequently.
To download revision notes for Class 12 Planning, click on the link below
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