Which of the following is/are correct in the context of planning?

Both 1 and 2

The correct answer is option 3 i.e. both 1 and 2.

* Planning premises are the assumptions about future environmental scenario and organisational resources. - This statement is TRUE. 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. Assumptions are the base material upon which plans are to be drawn. The base material may be in the form of forecasts, existing plans or any past information about policies. The premises or assumptions must be the same for all and there should be total agreement on them. All managers involved in planning should be familiar with and use the same assumptions.

* The Second last step in the process of planning is “Plan Implementation.”- This statement is TRUE. The last step is Follow-up action. The second last step is 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. For example, 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.

Thus, both statement is true.