Answer to Question #217965 in Economics of Enterprise for Esme

Question

Planning as a managerial function is necessary for.....

Answer 1

Planning as a managerial function is necessary for:

• Setting up the objectives, that is , clear statements of what needs to be achieved and by when, and putting forward the best ways to be used in order to achieve these objectives. This can be done by formulating the necessary steps which will ensure effective implementation and achievement of the set goals of an organization.
• Forecasting the future of an organization by being aware of the prevailing economic environmental conditions of the organization, that is, the significant economic contingencies facing the organization.