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Components or Elements of Planning

Following is a brief analysis of the elements or components of the Planning.

1. Objectives

Destinations of all activities are called objectives. Targets are also the destination points, like objectives, but determined quantitative objectives for the specific certain time period are called targets.Objectives are those targets, which an organization intends to obtain during various time periods. Objectives mean those basic points for all activities of the business are directed to achieve them.

Objectives act as the important aims for planning. The objectives are the end and planning is means. This is the basic point and first stage of planning. The objective is the foundation of planning.

Related: 12 Essential Steps in Planning Process (Explained).

The objectives create the flow of activities, provides motivation to employees to work sincerely and also help in the accomplishment of the activities in the future.

Nowadays, social responsibility is also an objective of the institution. The significance of the theory of Management by objectives MBO. has increased for the achievement of the objectives.

Now, the important question is, what are the objectives of the institution? In response to this question, it may be said that there is not a single objective of the business, these are manifold, like – short-term and long-term, general and specific, internal and external, departmental and organizational, economic and social, etc.

But, the main objectives can be classified into two main categories:

1. General Objectives

General objectives are called in long-term objectives also.

These are of various types, like – commodity development, sales improvement, improvement in the management system, increasing the work efficiency, public welfare and profit increase, etc.

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