What is Meant by ‘developing Premises’ in the Process of Planning? –

Developing Premises in Process of Planning

1. Planning ensures that the objectives are unquestionably stated so that they can serve as a guide for deciding what action should be performed and in which direction. This offers direction. Employees are informed of what the organisation must do and what they must do to achieve these goals if the objectives are well defined.
2. Planning lowers the likelihood of risk: Planning is a task that allows a manager to look ahead and anticipate changes. Planning takes into account the way to deal with changes and unforeseen consequences by establishing in advance the tasks that must be done.
3. Planning reduces duplication and inefficient activity: Planning serves as the framework for organising the goals and actions of various branches, departments, and individuals. It helps keep things orderly and clear of confusion. Since preparation ensures accuracy in comprehension and action, work is completed quickly and without delays.
4. Planning promotes creative thinking because it is the foundation of management and plans can be used to implement new ideas. As it directs all planned actions aiming at the expansion of the firm, it presents the management with its most difficult project.
5. Planning facilitates decision-making because it pushes the management to consider the future and choose from a range of potential courses of action. The manager must evaluate each possibility and select the most practical strategy.

Summary:

What is Meant by ‘developing Premises’ in the Process of Planning?

The second step in the planning process is referred to as developing the property. The premises that management must establish in order to plan for the future are known as assumptions.