Planning Function of Management

The correct answer is option C - Planning.

Planning is one of the four functions of management, which involves the process of setting goals, objectives, policies, and strategies to achieve the desired outcomes. It is the first and foremost function of management that lays the foundation for all other functions. Planning helps the organization to anticipate changes, identify opportunities, and prepare for the future.

Policies and Strategies Formulation

Policies and strategies are formulated during the planning process. Policies are guidelines or rules that govern the actions and decisions of an organization, while strategies are the plans of action to achieve the goals and objectives of the organization. Policies and strategies are formulated based on the analysis of the internal and external environment of the organization, including strengths, weaknesses, opportunities, and threats.

Importance of Planning

Planning plays a crucial role in the success of an organization. It helps to:

- Define goals and objectives: Planning helps to define the goals and objectives of the organization, which provide a clear direction for all the other functions of management.

- Allocate resources: Planning helps to allocate the available resources effectively and efficiently to achieve the goals and objectives of the organization.

- Anticipate changes: Planning helps to anticipate changes in the internal and external environment of the organization and prepare for them.

- Improve decision-making: Planning provides a framework for decision-making, which ensures that decisions are made based on the long-term goals and objectives of the organization.

Conclusion

In conclusion, policies and strategies are formulated during the planning function of management. Planning is the foundation of all other functions of management and plays a crucial role in the success of an organization. It helps to define goals and objectives, allocate resources effectively, anticipate changes, and improve decision-making.