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92 Business Studies year-to-year basis. in 2023, it was ranked 94th on Fortune’s Global 500 list. Source: Fuelling Sustainable Future, Sustainability Highlights, FY 2022-2023 managers think in advance on what Introduction You have just read about the plans to do and how to do it. This is the of Indian Oil Company Limited essence of planning. (IOCL). Of course, these are broad C oncept statements given by the company Planning is deciding in advance what and they have to be broken down into steps for implementation. This to do and how to do. It is one of the is an example of a company with a basic managerial functions. Before nation‑wide reach striving to be one doing something, the manager must formulate an idea of how to work on of the top companies in India. Furthera particular task. Thus, planning is more, every organisation whether it is government-owned, a privately closely connected with creativity and owned business or a company in the innovation. But the manager would private sector requires planning. The first have to set objectives, only then will a manager know where he has government makes five year plans to go. Planning seeks to bridge the for the country, a small business has it’s own plans, while other gap between where we are and where companies have big plans, sales we want to go. Planning is what plans, production plans. All of them managers at all levels do. It requires taking decisions since it involves have some plans. making a choice from alternative All business firms would like to be successful, increase their sales and courses of action. earn profits. All managers dream Planning, thus, involves setting of these and strive to achieve their objectives and developing appropriate goals. But to turn these dreams courses of action to achieve these obj into reality managers need to work ectives. Objectives provide direction for all managerial decisions and hard in thinking about the future, actions. Planning provides a rational in making business predictions and achieving targets. Dreams can be approach for achieving predetermined turned into reality only if business objectives. All members, therefore, Reprint 2026-27