Planning describes determining what the organization will specifically accomplish and deciding how to accomplish these goals.
A plan helps an organization plot a course to achieve its goals. This process begins by reviewing the organization's current performance and analyzing those that need operational improvements. The planning task provides the data management needs to make constructive decisions about how to assign resources to help the organization achieve its goals.
Risk management is essential to the success of any business. Planning facilitates the development of potential scenarios in which managers visualize possible risk factors and attempt to develop emergency plans to address them. The pace of business change is fast, and organizations must quickly adapt their strategies to these changing conditions.
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