(a) The function of Management discussed here is Planning.
(b) The remaining steps required to complete the above process are:
(i) Identifying alternative courses of action: All the alternative courses of action should be identified. The course of action which may be taken could be either routine or innovative. An innovative course may be adopted by involving more people and sharing their ideas. If the project is important, then more alternatives should be generated and thoroughly discussed amongst the members of the organisation.
(ii) Evaluating alternative courses: The positive and negative aspects of each proposal need to be evaluated in the light of the objective to be achieved. The riskier the investment, the higher the returns it is likely to give. To evaluate such proposals detailed calculations of earnings, earnings per share, interest, taxes, dividends are made and decisions taken. Alternatives are evaluated in the light of their feasibility and consequences.
(iii) Selecting an alternative: The best plan has to be adopted and implemented. The ideal plan, of course, would be the most feasible, profitable and with least negative consequences. The manager will have to apply permutations and combinations and select the best possible course of action.
(iv) Implement the plan: The step is concerned with putting the plan into action i.e., doing what is required. If there is a plan to increase production then more labour, more machinery will be required. This step would also involve organising for labour and purchase of machinery.
(v) Follow-up action: To see whether plans are being implemented and activities are performed according to schedule is also part of the planning process. Monitoring the plans is equally important to ensure that objectives are achieved.
