Explain in Detail How the Planning Process Is Considered to Be a Key Function of Management

A. Explain in detail how the planning process is considered to be a key function of management

Any organisation needs to set goals and objectives which it then must achieve in order to be successful.   These goals and objectives are set out in different elements of the management process which are known as the functions of management.   Different experts have classified functions of management.   The classic framework was developed in 1912 by a pioneer writer on management, Henri Fayol,(1841-1925) who based it on an analysis of his experience as a practising manager.   Fayol stated that all undertakings require Planning, Organising, Command, Co-ordination and Control to function properly.   This concept was expanded further by Luther Gulick and Lyndall Urwick in 1937 who used the acronym POSDCORB to describe Planning, Organising, Staffing, Directing, Co-ordinating, Reporting and Budgeting.   Koontz   in 1958 stated that the function of management was different from that of the accountant or engineer and that “getting things done through people” could be achieved by
Planning - Establishing goals and objectives and selecting a future course of action in order to achieve them
Organising - Allocation of resources to allocate resources to ensure the plans can be achieved.
Staffing - Selection, training, developing and rewarding of effective employees for the accomplishment of organisational goals.
Leading - Inducing of individuals or groups to assist willingly in the attainment of the organisational goals
Controlling - Monitoring progress made by the organisation; Taking action to ensure goals match targets.

These five functions are the most widely accepted in the business world.  

For theoretical purposes, the functions of management may be separated but practically these functions are overlapping in nature and are inseparable. Each function blends into the other and each affects the performance of others.

Figure 1

The Planning process is a...