The planning function is one of the most important functions of management and is associated with developing and strategizing of actions to achieve the set missions and objectives of the organization.
Every organization has various strategic goals which are termed in the mission and the vision of the company. Through planning organizations define goals and then establish strategies which are aimed at making the organization achieve the set goals and objectives.
There exist many types of plans based on the sought objectives and goals like strategic and objective plans, or based on the functional activities like operational plans. The strategic plans are long term plans which are developed to help to attain the strategic goals and objectives. The time frame for these plans can be extensive requiring significant investment of human resource and funds as well. The tactical plans on the other hand are more short term and are developed to attain more routine goals and objectives. The operational plans on the other hand tend to be more for the planning of day to day activities.
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