Planning: Planning is deciding in advance what to do and how to do. It is one of the basic managerial functions. Planning therefore involves setting objectives and developing an appropriate course of action to achieve these objectives.
Importance of Planning: Planning provides directions, reduces risks of uncertainty, reduces overlapping and wasteful activities, promotes innovative ideas, facilitates decision making, establishes standards for controlling.
Features of Planning: Planning focuses on achieving objectives; It is a primary function of management; Planning is pervasive, continuous, futuristic and involves decision making; It is a mental exercise.