Answered: Explain the concept of planning in the…

Explain the concept of planning in the management process. How does effective planning impact an organization's performance and long-term goals?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Explain the concept of planning in the management process. How does effective planning
impact an organization's performance and long-term goals?

Expert Solution

Step 1: Define the term management process:

The Managementprocess refers to a methodical and systematized set of conditioning and functions that directors and leaders within an association perform to achieve the association's pretensions and objects efficiently and effectively. It encompasses a series of interrelated tasks that are essential for planning, organizing, leading, and controlling an association's coffers and conditioning.

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