Planning is a fundamental function of management that involves setting goals, determining the best course of action to achieve those goals, and developing strategies to coordinate and allocate resources effectively. There are several types of planning that managers use to guide organizational activities.
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Here Are Some Of The Key Types Of Planning
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| Types Of Planning by Study Terrain |
Strategic Planning
Strategic planning is conducted by top-level management and focuses on establishing long-term objectives and determining the strategies to achieve them. Strategic planning is the highest level of planning and is undertaken by top-level management. It involves setting long-term goals and objectives for the organization and devising strategies to achieve them. This type of planning requires an analysis of the external environment, including opportunities and threats, to ensure that the organization's resources and capabilities are aligned with its mission and vision.
Tactical Planning
Tactical planning bridges the gap between strategic planning and day-to-day operations. Middle-level managers are primarily responsible for tactical planning, which involves translating the broad objectives established in the strategic plan into specific actions for different departments or units. Tactical plans typically cover shorter timeframes and focus on achieving medium-term goals that support the organization's strategic objectives.
Operational Planning
Operational planning is concerned with the routine activities and processes of the organization. Front-line managers and supervisors are involved in operational planning, which includes setting specific objectives, developing action plans, and allocating resources to accomplish tasks on a daily, weekly, or monthly basis. Operational planning aims to enhance efficiency and effectiveness in executing day-to-day activities to support the achievement of organizational goals.
Contingency Planning
Contingency planning involves preparing for unforeseen events or situations that could disrupt normal business operations. This type of planning requires identifying potential risks, developing alternative courses of action, and establishing procedures to respond to crises or emergencies effectively. Contingency plans are activated when the identified risks or threats materialize, helping the organization mitigate their impact and maintain continuity.
Financial Planning
Financial planning focuses on managing the organization's financial resources to achieve its objectives. It involves forecasting future financial needs, budgeting, allocating funds to different activities or projects, and monitoring and controlling expenses to ensure financial stability and profitability. Financial planning is essential for ensuring that the organization has the necessary resources to implement its plans and strategies effectively.
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