International Ambitions of Essar The Essar group is looking to step up its global operations by entering the riskier but profitable markets of Africa, eastern Europe and the Middle East. In its core business of steel, the Essar group is also looking at a proposal to acquire an integrated steel plant in Eastern Europe. The group has also announced its intention of setting up Greenfield steel manufacturing operations in Sharjah, Qatar and Iran. It has plans to set up a 50-50 joint venture with state owned Qatar Steel Company for a 1.5 million ton steel plant along with a million ton steel rolling plant on the outskirts of Sharjah and another ton per annum steel plant in Iran, according to a recent Essar newsletter. Even the Indonesia branch of Essar, where the group runs a cold-rolling complex, is expected to look for Merger and Acquisitions (M&A) opportunities in the region.
Explain how can Essar group benefit from planning

Explanation

Benefits of Planning
(i) Planning provides direction By stating in advance how work is to be done in future planning provides direction for action. It clearly defines what the employees have to do, when to do, how to do and for whom to do when employees are aware of what they have to do departments and individuals are able to work in coordination if there is no planning employees would work in different directions and would not be able to achieve its goals
(ii) Planning Reduces the risk of uncertainties it is an activity, which enables a manager to look ahead and anticipate changes. By deciding in advance, planning shows the way to deal with changes and uncertain events Such changes can only be anticipated but not eliminated altogether
(iii) Planning reduces overlapping and wasteful activities It serves as the base for coordination by avoiding confusions and misunderstandings. Various activities of different departments and divisions are carried on in an effective manner, which reduces the overlapping and wasteful activities It ensures clarity in thought and action and work is carried on smoothly by reducing useless and redundant activities
(iv) Planning promotes innovative ideas it is an Intellectual process, which involves finding better ideas and better methods to perform a particular job In planning new ideas can take the shape of concrete plans