Developing Premises is the step in the planning process that is related to making assumptions about the future.

Explanation:
Planning is an essential function of management that involves setting objectives and determining the best way to achieve them. The planning process consists of several steps, and one of these steps is developing premises.

Developing premises refers to making assumptions about the future. These assumptions are based on various factors such as market trends, customer behavior, competition, and internal capabilities. The purpose of developing premises is to anticipate potential scenarios and make informed decisions based on these assumptions.

By developing premises, managers can analyze different possible outcomes and plan accordingly. This step involves gathering information, conducting research, and using forecasting techniques to make predictions about the future. The assumptions made during this step serve as a foundation for the rest of the planning process.

For example, a company planning to launch a new product may develop premises about market demand, customer preferences, and competitor strategies. Based on these assumptions, the company can set realistic objectives and devise a strategy to achieve them. If the premises are accurate, the company is more likely to succeed in its endeavors.

Developing premises requires careful analysis and consideration of various factors. It involves studying market trends, collecting data, and using tools such as SWOT analysis, PESTEL analysis, and scenario planning. These techniques help in identifying potential opportunities and risks and enable managers to make informed decisions.

In conclusion, developing premises is an important step in the planning process that involves making assumptions about the future. It helps managers anticipate potential scenarios and make informed decisions based on these assumptions. By developing premises, organizations can set realistic objectives and plan their actions accordingly.