The degree, importance and magnitude of planning depends on the level at which it is performed. Nature of planning depends on the features of planning which are grouped as follows: The following features are grouped under this head: Each and every plan of both minor and major nature is supposed to accomplish the common objectives of an organization. Under such circumstances, employees become orders following machines and don’t involve creative thinking from their side. Even though plans are made at different levels they should be in tandem with corporate objectives. Thus, we can say that forecasting is the essence of planning. A Continuous Function of Management 4. It is applicable at every level of managerial hierarchy. Besides it requires one to forecast and predict the environment. Planning involves the efficient utilisation of various resources like capital, labour, machines, materials etc. All other management functions like organising, staffing, directing and controlling are performed within the framework of the plans drawn. All other functions like organizing, staffing, directing and controlling are based on planning. It is Balanced, Practicable and Suitable According to the Size and form of the Business 6. It is a problem to select an alternative which will help in achieving desired results. Middle level managers formulate departmental and functional plans for the medium term, while managers at the lowest level prepare operating and short-term plans. The best app for CBSE students now provides Planning class 12 Notes Business Studies latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Plans made at different levels are inter-dependent and inter-related. The dynamic environment may sometimes lead to failure of plans. Achieving more output with the same input and/or reducing the input to achieve the same output is referred to as efficiency. It needs holding on to the decisions since it includes selecting a choice from alternative ways of performance. The following discussion will explain the characteristics and nature of planning. Since the future is uncertain, planning must cope with changes in future conditions. As factors affecting the business are not within the control of management, necessary changes are made as and when they take place. This may be true to certain extent that people at top level devote most of their time to planning than the managers at middle and lower levels of management but every manager at his level of activity has to plan his activities. Future-oriented—It is a process of looking ahead. The functions like organising, staffing, directing, controlling overlap. Planning should proact and react to the environmental changes. There can be many ways of doing a work and the planner selects the best possible alternative. In the absence of planning no other function of management can be completed. Planning is a very lengthy process as it consumes a lot of time for collection, analysis, and interpretation of data. Plans continue to exist till the organizations exist. Future is always uncertain but planning process provides a rational approach for suggesting alternative approaches to various situations. Thus planning is an ever continuing phenomenon in any organization. It helps us to take a peep into the future and decide in advance the way to deal with the situations, which we are going to encounter in future. The success of planning depends on the manager and his ability to collect the facts which are likely to affect planning-whether these facts are connected with the present situation or the estimated future changings; how correctly he studies and evaluates these facts; and how correctly he takes his decisions on their basis. Flexibility 8. 3. It should also help in the optimum utilization of available human and physical resources by securing efficiency, economy and accuracy in the business enterprises. Generally, managers follow the practice of re-examining plans regularly and modify them, if necessary, in view of the new situations. Efficiency is the ratio between input and output. The plans are rigid in nature and have to be complied with throughout the organisation. A plan is said to be effective when the enterprise objective can be attained at the lowest possible cost. The scope and extent of planning tend to decrease as it goes to lower levels of management. Consistency 9. He should develop a future course of action to be taken for implementation of plans. Planning makes no sense when it is not related to the objectives or goals. A planner will be able to execute his plans in a better way. At the end of a specific period, new plans are drawn and revised. Planning involves forecasting the future which is uncertain. The characteristics of planning includes: Planning is the primary and basic function among the management functions viz., planning, organising, staffing, directing and controlling. It is applicable at every level of managerial hierarchy. Thus, plans constitute a hierarchy in the organization. Moreover, planning requires logical and systematic thinking based on analysis of facts and forecasts rather than a guess work. Earl Strong says, “Planning is anticipating.” Hamilton Church writes, “Planning is, in essence, the exercise of foresight.” It is looking into the future before the situation actually occurs. Planning is an intellectual activity of thinking rather than doing. 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