Importance of planning is a repeated examination WASSCE question by WAEC, and Educareguide has provided the answers HERE.
In addition to that, it is a topic researched by many people and students all around the world. WEAC WASSCE students are no exception.
Planning is a process of setting objectives and deciding the ways and means to achieve them.
You may click here to the answer directly.
Furthermore, WAEC has frequently asked questions on this sub-topic in the Business Management WASSCE examination. Therefore, Educareguide is here to assist you in fully understanding this topic.
Other Ways We Can Ask This Question
There are many ways that we can ask this question. These include:
- Explain the reasons why managerial planning is vital in business.
- List five ways in which planning is essential in an organization.
- List the significance of planning in business. Etc.
Furthermore, the sub-topic is an integral part of the Business Management for Senior High School Students across the West African sub-region.
In detail, these countries include Nigeria, Ghana, Sierra Leone, The Gambia, and Liberia. Now let us look at the Importance of planning below.
Importance of Planning
Planning is the first managerial function performed by every business organization. Planning involves setting objectives and showing how the objectives can be achieved.
The Benefits Of Planning
The Importance of planning in business is as follows (WASSCE question):
Reduces the dependency on intuition:
The first Importance of planning is that it reduces the dependency on intuition in decision-making.
It provides information on the course of action an organization wants to pursue.
It helps to reduce uncertainty:
Planning also helps to reduce uncertainty by anticipating change,, and it, therefore, reduces organizational failure.
Since planning is future-oriented, it enables a company to forecast and predict events, which may hamper goal attainment.
Moreover, panning establishes objectives or standards that facilitate control and provides the foundations for controlling processes.
Every good plan has targets that members strive to achieve. Control provides management with information to assess the extent to which your organization achieves such objectives.
Ensures effectiveness and efficiency:
Planning also ensures effective and efficient use of resources.
It ensures efficiency and economy of operations by minimizing waste, inducing consistency, and providing every flow of work into the company’s operations.
Helps To Coordinate:
Planning establishes coordinated effort. It provides directions and a shared sense of purpose for the company. This enables a company to gear its resources towards its objectives or goals.
Provision of point of reference:
Planning also provides a point of reference for evaluating and measuring performance.
Provision of information:
Finally, it provides information on the course of action that an organization wants to take.
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