Approaches to Planning
In the traditional approach, planning was done entirely by top-level managers who were often assisted by a formal planning department
Another approach to planning is to involve more of the organization in the planning process.
In this approach, plans are not handed down from one level to the next, but are developed by organization members at various levels to meet their specific needs.
Criticisms of planning
Although planning is an important managerial financial with widespread use, five major arguments have been directed against planning.
Planning may create rigidity.
Plans can't be developed for a dynamic environment.
Former plans can't replace intuition and creativity.
Planning focuses manager's attention on today's competition, not on tomorrow's survival.
Former planning reinforces success, which may lead to failure.
The external environment is constantly changing. Therefore manager's should develop plans that are specific, but flexible. Managers must also recognize that planning is an ongoing process, and then should be willing to change directions if environmental conditions warrant . Flexibility is particularly important. Managers must remain alert to environmental changes that could impact the effective implementation of plans, and they must be prepared to make changes as needed.