Features of a Good Plan

A sound plan has the following features:

1. Integration:

A good plan should integrate the shore-term requirements of the firm with its long-term requirements. Plan must be oriented towards the achievement of overall organization goals.

2. Market research:

Planners must conduct a thorough market research before framing plans. “What potential customers say they are going to do and what they end up doing may be two different things. “Plans should, therefore. Forecast the market requirement through a well conducted market research.

3. Economy/Financial constraints:

 A plan which relies too heavily on financial requirements may turn out to be a failure if the erectness (as expected) do not arise. If the budgetary balance is disturbed, all the operations may turn out to the problems. The future costs and benefits must be are fully analyzed while designing the organizational plans.

4. Co-ordination:

A sound plan aims to co-ordinate the working of all functional areas. If functional plans (or departmental plans) are not synchronized with the over all organizational plans, the organization will fail to achieve its goals.

5. Consistent:

Plans should be followed for a fairly considerable period of time. It is important, therefore, that the plans are acceptable but only to those who frame them but also to those who implement them.

6. Flexible:

Though consistent, plans should adjust (flexible) to the environmental changes.

7. Acceptable:

Best laid plans may turn out to be failures if they are not implemented properly in the organization. It is important, therefore, that plans are acceptable not only to those who frame them but also to those who implement them.

8. Participative:

The acceptability of plans increases if subordinates participate in the planning process. Many organizations follow the principle of participation in planning as it offers the advantages of group decision- making. Mangers obtain ideas/suggestions from subordinates of different departments at different levels and finalize the plans. The practice of participative planning promotes good ideas and creates personal obligation on the part of managers to retain control over the planning activities.

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