Comment on the following: The first and foremost managerial function is 'planning'.

Answer 6A(i) Planning means looking ahead and chalking out future courses of action to be followed. It is a preliminary step in business function. This function aims at developing a comprehensive sketch for achieving the organizational objective. Planning involves identification of tasks that are required to realize the desired goals, demarcation of how such tasks should be performed, chalking out who, when and where such task will be performed. A meticulous knowledge about vision and mission of the organisation forms the pre-requisite of short as well as long term success of planning. It has been aptly said "well planned is half done". Therefore, planning takes into consideration existing as well as potential human, physical and financial, resources of the organization. It is the basic management function which includes formulation of one or more detailed plans to accomplish optimum balance of needs or demands with the available resources. Thus, planning is deciding in advance what to do, how to do and who will do it. Planning is futuristic in nature and bridges the gap between where we are, to where we want to go.