Hi kids, lets understand the meaning and nature of planning kids, oh anne, she has invited us to her cake shop, she runs a cake shop that looks amazing, now she further says, when I initially started my business I too did planning you guys must be thinking why? Well lets she why did she do planning kids because the planning is the foremost most important fundamental that is necessary and the important function of management, planning ke bina hum kuch bhi ker sakte hai ? nhi kers akte hai, business planning ke bina chal hi nhi sakta for doing anything in business we require what planning, since planning is the starting point. It help to visualize the future problems and keeps the management ready with possible solutions. Aaj hum jo bhi plan bana rhe hai pane ko pata hai ke yahan jake apne ko problem aasakta hai. So make sure the solutions are ready, aisa hisab se woh log plan karta hai, when talk about the business, planning is necessary to ensure that is to safeguard or protect the proper utilization of human and non-human resources. Human as in employee non human assets hogaya machinery hogaya raw material hogaya, planning aisa kerna chahiye taki human resources ka aur non human resources ka proper utilization ho. It is a detail programme regarding future course of action. It is rightly said “Well plan is half done” Now let’s study the definition by James Stoner “Planning is a process of establishing goals and a suitable course of action for achieving goals.” Please by heart is definition pakka learn kerna. Lets understand the first nature of planning that is goal oriented, planning is made to achieve the desire objective of business, it can we goodwill, it can be profit, it can be customer satisfaction, it can be brand, it can be growth. So planning is done to achieve the objectives of organization or business. It provides the desired direction for achievement of the goals. Now here you can see, it acts as a base to other functions and organizing as you can see the kitchen girls are organizing the cake at the display, then they are staffing, anne ne unlogo ko staff kiya, correct person at the time at the correct designation, directing lets see how it goes, Nicole keep this cake ahead and then follow the same pattern, now Anne is directing Nicole, let’s see the co-ordination among the kitchen girls, you manage the display bye the I will look after the kitchen, they are co-coordinating the work among themselves and further controlling is nothing but keeping a check, anne saying display is looking lovely Nicole, she was keeping a check on her weather she is doing things fine or no, The third point is talk about the pervasive function planning is required to all level of management and in all departments of an organization, har level per planning jaruri hai, aisa hai kya middle level pe planning jaruri nhi hai off course not, har department ko plan out karna padta hai unka chiz without planning things are next to impossible then, the top level may be more concern about planning for the organization as the whole now she further says, now kids, as I am owner of the business, I’m more concern about the output as a whole offcouse usko dukh jyda lagega agar loss hoga toh so she’ll be more concern about the output whereas as the middle level may be more specific in the departmental plans and the lower level for the implementation of the same. Fourth point talks about the future oriented, planning is always done keeping in mind the future needs, profit, goodwill, brand, yeh sab future needs hai ek business ka. Goals can be achieved only planning is done with proper thinking, now here she says, now kids goodwill, efficiency, and profit are future business goals woh bhi future predict kar rhi hai apne business k liye k usko kya chahiye, she needs goodwill, she needs efficiency in her business, she needs profit these are her desire when she talks about business. Now planning is a continuous process it is never ending due to its dynamic that is changing nature, plan are also prepared for a specific period and at the end of the period, plans are subjected to revaluation, if any changes are required and review that is keep the check in the light of new requirements and changing condition. If a particular goal is achieved, another targets are set again planning process will be begin aaj ek file khatam kar diya, ek project khatma kar diya bas bhaithne ka abhi nahi, we need to work on some other project uske liye naya planning ka shurwat karna padta hai toh planning is the continuous process. Now the sixth point says planning is involves options and decision making, a manager has to take a decision and select the best option depending upon the requirement and availability resources in the organization. Now she further says, kids I am so confused, should I introduce chocolates or marshmallows into my business, here is has to take a decision among the options so she comes further to a conclusion that is well I think I should go for chocolates, anytime chocolates are better Anne. Seventh point says it involves intelligence, imagination and creative thinking, that is intellectual process, mental process hai yeh, kitchen team ne bhi kaisa innovative kaam kiya tha pk k time mein yaad aaya kids dekho waha. A manager can prepare a sound plan only if he has a sound judgment, foresight and imagination. Eighth point says, it is a dynamic function, it is a change in nature kabhi bhi kuch bhi hosakta hai, since future is unpredictable, kabhi bhi future mein kuch bhi hosakta hai, aaj kuch ho ya na ho pata hai kya nhi its unpredictable, planning must provide enough scope to cope up with the changes in the market demand, competition, government policies, etc. market demands anytime increase sale kabhi bhi badrha hai kabhi bhi ghat rha hai, aaj humare competitors ne discount diya hai, sale siya hai buy one get one policy lagaya hai, government policy hogaya that is tax kaisa bhi policies ka change ho gaya, so yeh changing hai na environment change hote rahta hai based on that planning bhi change hoga, under the changed circumstances, the original plan of the action must be revised and updated to make it more practical as I said plan A nhi chal toh plan B ready hona chahiye. The ninth point says that it designed for efficiency planning leads to accomplished of objective at the minimum possible cost, now her she says, Here kids I always go for whole sale market for shopping for my business efficiency at minimum cost toh woh kya kerti hai wholesale market se buy karti hai it avoids wastage, here the kitchen girl says we have stcked more of chocolate and expiry date is near then further anne gives a conclusion ohh we can make Chocó-chip cookies and keep it for sale efficiency taki who chocolates waste na ho, cookies banado toh taki humlog bechde, it avoid wastage and ensures optimum utilization of available resources like men, money, material , method and machine. Tenth point talks about planning is the basis control, planning and control are two sides of same coin without planning controlling activity are baseless whereas without controlling planning meaningless exercise kids, planning precedes controlling that is leads controlling and controlling succeeds that is achieve the planning. I hope all the ten points are clear kids keep on revising I see you in the next module till then take care kids, bye.