The main components or elements of planning are as follows:-
(1) Objectives: Objectives are the desired results that an organization wants to achieve within a specified time period.
(2) Strategies: Strategy means the long range approach for dealing with the organization’s competitive environment with a view to win over competitors in business.
(3) Policies: Policies are the guidelines set to provide direction in decision making. These set the boundaries around which decisions are made.
(4) Procedures: Procedures are the chronological sequence of steps or actions to be taken to accomplish a specific test or job.
(5) Method: A method is a prescribed way of completing a step in a procedure.
(6)
Rules: Rules are guiding statements that direct action or behaviour of
individuals in a given situation.
(7)
Standards: Standard is a measure against which the level of performance is
measured or evaluated.
(8) Programmes : A programme is a sequence of action steps arranged in the priority necessary to accomplish an objective.
(9)
Schedules: A Schedule is a plan which indicate the time of
(i)
commencement of task.
(ii)
passing through the different stages or processes.
(iii)
Finalizing the task.
(10)
Budgets: A budget is a numerical plan containing expected results in
quantitative or numerical terms.
(11)
Projects: A project is a programme with less significant objectives, generally
a shorter period of time and usually less detail.