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

A procedure is the chronological sequence in which an activity should be performed.

The correct answer is option 1 i.e. A procedure is the chronological sequence in which an activity should be performed.

* A procedure is the chronological sequence in which an activity should be performed- This statement is true. Procedures are routine steps on how to carry out activities. They detail the exact manner in which any work is to be performed. They are specified in a chronological order. 

* The last step in the process of planning is “Plan Implementation.”- This statement is false. The last step is 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.

* Planning premises are the actual plans about the future organisational resources. - This statement is false. 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.