Rita has been promoted as the planning head and the company is planning to launch a new product. What will be the correct sequence of the steps in the planning of the new product?

Set the objective, develop premises, evaluate and select alternate course of action, implement the plan, follow-up action.

The correct answer is option 1- Set the objective, develop premises, evaluate and select alternate course of action, implement the plan, follow-up action.

The correct sequence is Setting the objective, develop premises, evaluate and select alternate course of action, implement the plan, follow-up action.

Setting Objectives: The first and foremost step is setting objectives. Every organisation must have certain objectives. Objectives may be set for the entire organisation and each department or unit within the organisation.

Developing Premises: Planning is concerned with the future which is uncertain and every planner is using conjecture about what might happen in future. Therefore, the manager is required to make certain assumptions about the future. These assumptions are called premises

Evaluating alternative courses: Once objectives are set, assumptions are made. Then the next step would be to act upon them. There may be many ways to act and achieve objectives. All the alternative courses of action should be identified and then weigh the pros and cons of each alternative. Each course will have many variables which have to be weighed against each other. The positive and negative aspects of each proposal need to be evaluated in the light of the objective to be achieved.

Selecting an alternative: This is the real point of decision making. 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.

Implementing the plan: This is the step where other managerial functions also come into the picture. The step is concerned with putting the plan into action, i.e., doing what is required.

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.