‘Is planning worth huge costs involved? Explain

CBSE Class 12 CBSE Class 12 Business Studies
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1

‘Planning is an important function of management’. State any four reasons in favour of the statement.
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‘Is planning worth huge costs involved? Explain.

or
’Planning is of vital importance in the managerial process’. Explain.
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Why is planning necessary for effective management? Give six reasons.
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Define planning. State any four points of importance of planning.
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Is planning necessary for effective management? Give reasons in support of your answer.
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’No enterprise can achieve its objectives without systematic planning’. Do you agree with this statement? Give any five reasons in support of your answer.

2

Planning is deciding in advance what to do, how to do and by whom. It bridges the gap between ‘where we are’ and ‘where we want to go’.
Yes, planning is worth huge costs as it is an important function of management, because of the following reasons:
It usually involves a lot of time, effort and cost of the managers. Collection of data, boardroom meetings, investigations and discussions with experts involve a lot of expenditure of the organisation. Sometimes, the cost incurred may not justify the benefit derived from the plans.