26 plays. 13 Qs . Planning is a Primary Function of Management:- Planning is a Primary Function of Management. Question 1. Effectiveness It means completing the given task. Before doing something, the 3. Class 12 Business Studies Nature and Significance of Management . Planning is defined as setting an objective for a given time period, developing various strategies or methods to attain them, and then selecting the best possible alternatives from the various methods available. Product Life Cycle . 12th grade . Process It means the primary function that the management performs to get things done. By deciding in advance the tasks to be performed, planning shows the way to deal with changes and uncertain events. This is the base of other functions of management. 2. The MCQs for Class 12 Nature and Significance of Management have been updated based on the latest syllabus and examination guidelines issued by CBSE, NCERT and KVS. Nature and Significance of Management MCQs. Case Study Planning Class 12 Business Studies 1. Management can be defined as, the process of getting things done with the aim of achieving organizational goals effectively and efficiently. It is a process that involves the setting of the organizations goals, establishing strategies for accomplishing those goals and developing plans of actions that managers intend to use to achieve said organizational goals. Planning is considered the first primary function of management. (ii) Planning is a Primary Function of Management Planning is the primary or first function to be performed by every manager. It is the basic function of management and forms base for the other functions of the management. planning grade 12 BS. Planning promotes innovative ideas: Planning is one of the basic managerial functions. Start Learning Now No thanks. 2. 5. The other functions, e.g., organising, staffing, directing and controlling come later. when it is to be done, how it is to be done and by whom it should be done.. The above mentioned is the concept, that is elucidated in detail about the Features and Limitations of Planning for the class 12 Commerce students. Plans are made for a specific period of time (six month, one year, two years etc) at the end of that period new plans are to be made according to the new demand of the situation hence plans is the continuous function. Planning is the foundation of management which is defined as the process of choosing among alternatives. Any organization does not run without an objective. It includes policies, rules, and procedures for achieving the objectives. Learn the concepts of Class 12 Business Studies Planning with Videos and Stories. Every feature of Planning will be discussed in the Business Studies Class 12 Chapter 4 revision notes. Planning to a manager means thinking about what is to be done, who is going to do it, and how and when he will do it. The planning function of management has some special features. Planning is the process of setting objectives, formulating various courses of action in order to achieve them, and selecting the best possible alternative from the various courses of action available in order to ensure completion of organisational goals. Program is the statement or details which is the mixture of different types of plans. 39 plays . Planning involves huge costs: When plans are drawn up, huge cost is involved in their formulation. Planning is deciding in advance what to do and how to do it. Planning is an intellectual process looks for scope for finding better ideas, methods, and procedures to perform a particular job. Reduces the risk of uncertainty: Planning relates to deciding in advance about the tasks to be performed in future. It has no meaning unless it contributes to the achievement of predetermined organisational goals. (c) PROMOTES INNOVATIVE IDEAS. So, go ahead and check the Important Notes for Class 12 Business Studies Planning. CBSE CLASS 12 BUSINESS STUDIES CHAPTER I NATURE AND SIGNIFICANCE OF MANAGEMENT REVISION NOTES 1. Planning Class 12 BST : Planning refers to thinking beforehand. 3. Class 12 Nature and Significance of Management MCQs Questions with Answers. Management. It has some or the other purpose or an objective which is set in advance so that it can be achieved in future. Successful organisations do not achieve goals by chance but by following a deliberate process known as. Planning is a primary function : It is the basic level of management process. Define planning; Define objectives; Discuss the benefits of planning; Discuss the features of planning; Discuss the limitations of planning; Define dynamic environment; Elaborate on the logical steps involved in planning; Discuss the importance of planning and steps in planning process. Classification of Plans: This section of the Planning Chapter Class 12 Notes classifies plans into various categories based on the objectives that the plan seeks to achieve. They are, namely, Objectives, Strategies, Policies, Procedure, Rule, Method, Programme, and Budget. Pervasive process : Many people believe in planning. The fifth step is to choose the best alternative action to reach the desired objective. The sixth step involves the actual implementation of this plan. The final step of planning is the follow-up action from time to time during the implementation of the plan. 7. What is the focus of planning Class 12? 6. Concepts of Management. Planning is a continuous function:- Planning is ongoing or never ending process. is to be done. It is an entire set of activities which helps in overall achievement of an objective. For example, a company plans to achieve a sales target of 112 crores a year. These features cast enlightenment on its scope and nature. (ii) Planning reduces the risks of uncertainty: Planning is an activity which enables a manager to look ahead and anticipate changes. Business. 4. 13 Qs . Forces managers to think differently & assume future conditions- makes managers creative and innovative. It is the job of all the managers in all types of organizations. 2. (ii) It is one of the fundamental managerial function. Efficiency. NATURE OF PLANNING Planning is purposeful : it is goal oriented. 6. We have completed the NCERT/CBSE chapter-wise Multiple Choice Class 12 Business Studies Chapter 1 Nature and Significance of Management with Answers by expert subject teacher for latest syllabus and examination. 1. Planning ensures that goals and objectives are clearly defined so that, they act as a guide for deciding what action should be taken and in which direction. Scope and nature of Planning. Class 5 Class 6 Class 7 Class 8 Class 9 Class 10 Class 11 Class 12. According to the nature and significance of management class 12 notes, management is an important crux of every organisation; it is an important activity to manage different people performing different tasks in a setting to achieve a common goal. Planning Planning can be defined as thinking in advance what. It is necessary to get the best possible result following the specific planning. These functions are planning, organizing, staffing, directing and controlling. Planning Important Extra Questions Long Answer Type. Business Finance . Changes or events cannot be eliminated but they can be anticipated and managerial responses to them Class 12. Planning reduces wasteful activities: Planning serves as the basis of coordinating the activities and efforts of different departments and individuals whereby useless and redundant Questions Covered In Planning Class 12 NCERT Solutions Chapter 4. Features of Planning Class 12 Planning as a function of management has various features. Features of Planning. (iii) Planning includes putting goals and growing a terrific direction of motion to reap these objectives. Ans: The important factors in the definition of planning are as follows. Planning Contributes to the Objective-Planning helps in achieving the objective. It helps Planning is a deliberate and conscious act by means of which managers determine a course of action for pursuing a specific goal. Management contains a series of interrelated functions that include. (i) Planning is identifying in strengthen what to do and how to do. 2. # businessstudiesnotes # grade12. Business - Quality . It is deciding in advance what is to be done. 11 Qs . Setting of goals and lines of action precedes the organization, direction, supervision and control. It is also a continuous process 5.Facilitates Decision Making . Planning may not work in dynamic environment: Planning is based on anticipation of future happenings and since future is uncertain and dynamic therefore, the future anticipations are not always true. Management is defined as a process of getting things done to achieve goals effectively and efficiently. Planning precedes other functions of management. 1. Modern Concept Management is defined as the process (refers to the basic steps) to get the things done with the aim of achieving goals effectively and efficiently (effectiveness refers to achievement of task on time and efficiently implies optimum Planning reduces the risk of uncertainty: Planning is an activity which enables a manager to look ahead, anticipate change, consider the impact of change and develop appropriate responses. See below free multiple-choice questions for Class 12 Nature and Significance of Management. The Nature of Planning . We will be studying these functions in the later chapters. Management is essential for the organisations which are. Although, in practice all the functions mix up, planning is unique as it involves 4. Explain the nature and characteristics of planning. 0 Save Share Copy and Edit Edit. Maninder Kaur. It is an intellectual process of management that an organisation follows with various methodologies, blueprints, and discussions. DEFINITION OF MANAGEMENT: Management is the process of working with and through others to effectively achieve the organizational objectives by efficiently using limited resources in the changing environment. Kreitner 2. No need for planning if only one possible course. Planning is the fundamental management of critical objectives, including the process, execution, and outcome. Feature/ Nature/ Characteristics of Planning. Short Answer Type: What are the main points in the definition of planning? Planning - Features and Limitations, meaning, definition 3. Prepare effectively for the exam taking the help of the Class 12 Business Studies Objective Questions PDF free of cost from here. Planning class 12 business studies - Objectives, Nature It is a process that involves the setting of the organization's goals, establishing strategies for accomplishing those goals and developing plans of actions that managers intend to use to achieve said organizational goals. Through this, objectives and methods to achieve the target effectively and efficiently are planned. According to Fayol, Planning is chalking out plan of action. (i) Planning Focuses on Achieving Objective Planning is purposeful. These features include the following: Planning focuses on achieving objective. 2.8k plays . PLANNING Planning is one of the major functions of management. 56% average accuracy. CBSE Class 12 Business Studies Case Studies Planning. 20 Qs . Effectiveness. Primacy of Planning: Planning logically preceds the performance of all other managerial functions as in other managerial functions like organising, staffing, directing and controlling, operations are designed to support the accomplishment of the planned enterprise objectives.