Planning for Results

Necessity Of Planning To ensure and boost economic development, planning plays a crucial role by increasing the rate of capital formation through elevated levels of income, saving, and investment. It also addresses the issues of widespread unemployment and high levels of poverty, aiming for a more equitable distribution of resources among the population. Additionally, planning […]

Necessity Of Planning

To ensure and boost economic development, planning plays a crucial role by increasing the rate of capital formation through elevated levels of income, saving, and investment. It also addresses the issues of widespread unemployment and high levels of poverty, aiming for a more equitable distribution of resources among the population. Additionally, planning promotes effective risk management in executing public projects, contributing to organizational and individual learning. The ultimate goal is to foster proper growth and development, enabling a comparison of performance with advanced democracies in the West and successful Asian economies like China, Malaysia, Singapore, and South Korea.

 

Benefits Of Planning

Planning provides the framework to determine what needs to be done and when. Without proper planning, projects or programs may be implemented incorrectly, leading to suboptimal outcomes. It helps manage crises, ensuring smoother implementation, improves focus on priorities, and leads to more efficient use of time, money, and other resources. Planning also establishes criteria for success, allowing individuals and units to assess whether achieved results align with the intended objectives.

 

Consequences Of Not Planning

Lack of planning or insufficient planning can result in the wastage of materials and human resources. It may contribute to a vicious cycle of poverty, particularly in terms of technological skill, knowledge, and entrepreneurial activity. This, in turn, can lead to underutilization or misutilization of natural resources. A lack of planning contributes to a low rate of capital formation, impacting productivity, real income, saving, investment, and overall economic growth. In extreme cases, an unplanned economy can lead to chaos, social unrest, and security threats such as kidnapping, militancy, and terrorism.

 

Meaning Of Planning

Planning is defined as the process of setting goals, developing strategies, outlining implementation arrangements, and allocating resources to achieve those goals.

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