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www.gyaniversity.com87MMPC001: Management Functions and Organisational ProcessesDiscuss the necessity of having Planning and how it helps organizations. Describe various types of planning and their merits.Enhances Coordination and Unity: Through planning, different departments within an organization can align their activities. This integration results in better coordination, minimizes duplication of effort, and ensures that everyone is working towards the same organizational goals. With a unified strategy in place, functions such as production, marketing, and finance can work in harmony.Facilitates Resource Allocation: An effective planning process allows managers to allocate resourcessuch as time, money, and labour efficiently. By analysingvarious alternatives and identifying the most feasible ones, planning helps in optimizing the use of resources. This leads to improved productivity and better profitability.Provides a Basis for Control:Once a plan is set in motion, it establishes benchmarks and standards against which the actual performance can be measured. This follow-up or monitoring process ensures that deviations from the plan are quickly identified, and corrective measures are taken. In this way, planning lays the foundation for effective control and evaluation within the organization.Prepares Organizations for Uncertainty: In a dynamic business environment, change is constant. Planning involves anticipating potential changes in market conditions, technological advancements, or regulatory policies. By considering such uncertainties, organizations can develop contingency plansthat allow them to quickly adapt to unforeseen events, thereby ensuring continuity and reducing risks of failure.Encourages Innovation:The planning process often requires managers to think creatively and explore different alternatives to solve complex problems. This exploration promotes innovative ideas and strategies that can give the organization a competitive advantage. In essence, planning fosters an environment where new ideas are welcomed and can be implemented to improve performance.Types of Planning and Their Merits1. Corporate Planning:Corporate planning involves setting long-term goals and defining the overall direction of the organization. It reflects the organization%u2019s mission, core values, and broad objectives. Merits: (1) Provides a clear long-term vision. (2) Aligns various functions within the organization toward common objectives. (3) Helps in decision-making by outlining strategic goals and policies.