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Importance of Planning

Calender Icon CAT Registration Ends: 13th September 2023

Importance of Planning

Since CAT 2023 is approaching fast, it is must for aspirants to remain motivated but it is essential for you to visit basics frequently.

With motto of providing relevant study material we at MBARendezvous.com have started series of articles which will  help  you to remain in high spirits!

Today you will read article on “Importance of Planning ”

The moment we start our day the most important thing that many of us do is to decide how to spend the entire day judiciously. This is when ‘planning’ comes into foreplay. Daily planning of activities is essential in order to live a clutter free life. Housewives plan their daily activities and budget of the entire month. Students plan their day between college, coaching and recreational activities. Managers plan their activities before they execute it. Even our career has to be planned in order to bring it from future into the present so that something can be done about it. 

If we take the larger picture at the National Level we have the Planning Commission headed by Prime Minister Manmohan Singh to look into the efficient planning of the activities in the various core sectors to ensure the progressive growth of the country. Thus, the importance of planning cannot be denied as it makes possible things to occur which would not otherwise occur.
 In simple terms, Planning means looking ahead and chalking out the future courses of action to be followed. It is a preparatory and strategic step which determines when, how and who is going to perform a specific job. 
It is rightly said “Well plan is half done”. Planning is of paramount importance both for an organisation and an economy. Sound plans are essential to effective management, because they serve as guides to all management functions. Lack of well-defined objectives and priorities is the common cause of failure and 'failure to plan is planning to fail'.
In management arena planning takes into consideration available and prospective human and physical resources of the organization so as to get effective co-ordination, contribution and perfect adjustment. It is the basic management function which includes formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.
MBA graduates gearing to make their foray into the corporate world should etch this in their mind that planning is the most basic or primary function of management. It precedes other functions because a manager plans before he acts. Planning involves determining the objectives and selecting courses of action that will lead to the achievement of predetermined objectives.
Planning is a pervasive function and managers at all levels have to prepare plans. Planning is always goal-oriented and it involves choice among alternative courses of action. Planning is also a continuous or on-going process. It enables us to do things in an orderly and efficient manner.
Planning is totally a mental process requiring high use of intellectual faculties, foresight and sound judgment. It consists of forecasting, decision making and deliberation. A plan is a predeter¬mined future (projected) course of action. It is today's design for tomorrow and an outline of steps to be taken in future.
It implies looking ahead and deciding in advance what is to be done, when and where it is to be done, how and by whom it is to be done. It involves thinking before acting.
If we do planning it provides answers to many of the questions which may be long term or short term.
What actions are necessary to achieve the desired objectives;
Why are these actions necessary;
Who is responsible for these actions;
Where will these actions take place;
When will these actions take place; and
How will these actions take place?
The process of planning consists of: the determination of objectives, forecasting or anticipating the future, decision making i.e. choosing a course of action from available alternatives, formulation of policies, programmers, budgets, schedules, etc. to achieve the objectives, laying down of procedures and standards of performance. 
Planning helps an organization to face uncertainty and change. It correlates the organization with its future and is a prerequisite to every effective action.
Looking at the personal level planned study is must for cracking tough competitive exams like CAT, MAT, XAT. Success in CAT and grabbing a good job with an attractive salary package on completion of MBA has a great honour and prestige. This gives an individual the opportunity to lead the society and acquire self confidence and motivation to do something for the nation. 
So here are some few simple tips and tricks that will surely help you crack the tough nut:
  • Do not leave anything for the last minute. Avoid last minute study.
  • Arrange for some proper guidelines and enroll yourself in some good MBA coaching classes for the last moment brush up.
  • Make out the right optimum strategy. This will help you develop a test-taking strategy. Using this strategy you can crack any exam.
  • Analyze the exam pattern. Plenty of model papers are available in the market or over the internet. Use these model papers and take at least 2 or 3 tests in a week. In this way you would be able to depth your knowledge and then preparing yourself accordingly.
  • Avoid shortcuts. Many students follow the shortcut methods to clear the exam but you will falter in the long run. You should prepare all the papers according to the syllabus.
  • Read general knowledge books to keep you updated.
  • Lastly, relax and take it easy. There have been many cases of candidates with bright academic profile; still they could not crack any entrance test. The reason is simple. They falter in handling too much of pressure taken in the exam and finally drop out. Always keep yourself engage in some activities along with your studies that can help elevate your mood. 
To sum up, planning is a mental predisposition to do things in orderly way, to think before acting and to act in the light of facts rather than guesses. Planning and strategy should be the first requisite of every individual to achieve success in their career. A person who never plans his things and remains indifferent to life always falters in the long run.
For such topics of Basic understanding on the subject matter which will motivate you to crack various other MBA entrance tests. Please keep on visiting www.mbarendezvous.com, India's only content lead MBA Portal.