Planning Process (Steps in Planning)  

1. Setting Objectives: The first step in planning  

2. Developing premises: Planning is based on certain assumptions about the future. These assumptions are called planning premises. Forecasting is important in developing planning premises. 

3. Identifying alternative courses of action: The next step in planning is to identify the alternative courses of action to achieve the objectives. 

4. Evaluating alternative Courses: The pros and cons of various alternatives must be evaluated in terms of their expected cost and benefits. 

5. Selecting an alternative: After evaluating the alternatives the manager will select that alternative which gives maximum benefit at minimum cost.

 6. Implement the plan: Implementation of a plan means putting plans, into action so as to achieve the objectives of the business.

 7. Follow up action: Plans are to be evaluated regularly to check whether they are being implemented and activities are performed according to schedule