Suryodaya Ltd appointed a team of five efficient managers to plan for its new project of building a residential colony For this, they are paid a huge amount of remuneration also
Explain the process that would be followed by the team

Explanation

Planning is to decide in advance what to do and how to do It is an activity, which follows certain logical steps Setting objectives Every organisation operates to achieve certain objectives. Objectives specify what the organisation wants to achieve. Therefore, the first step in planning is to define and describe clearly the objectives of the organisation and each department or unit within the organisation. Once decided, these objectives should be communicated to all the units and employees.
(ii) Developing premises Planning is concerned with future, which is uncertain and every planner is using conjecture about what might happen in future.
Therefore, the manager is required to make certain assumptions about future. These assumptions are known as premises. Premises are the base, upon which plans are drawn. They may be forecasts, existing plans or past information.
(iii) Identifying alternative courses of action Once the objectives and planning premises are established, it becomes necessary to discover the various courses of action, which may be used to achieve the established objectives These alternatives may be routine or innovative. If the project is an important one, more alternatives should be identified
(iv) Evaluating alternative courses The next step is to weigh the pros and cons of each alternative. It is necessary to evaluate the positive and negative aspect of each alternative in the light of the objectives to be achieved. This might involve a number of calculations to measure the cost and benefits related to an alternative
(v) Selecting an alternative This is the real point of decision-making. The best plan has to be adopted and implemented. An ideal plan would be the one which is most profitable, most feasible and has the least negative consequences. Such judgement will depend upon the experience and intuition of the manager
(vi) Implementing the plan This step is concerned with putting the plan into action and doing what is required The managers start communicating the plans to employees and initiate them to carry out the activities according to the specifications of plans
(vii) Follow-up action Planning is a continuous process, so the managers keep on following up the plans to see that activities are performed as per the schedule or not. Monitoring the plans is important to ensure achievement of objectives