Practicing Success

Target Exam

CUET

Subject

Business Studies

Chapter

Planning

Question:

Arrange the steps in process of planning.

A. Setting objectives

B. Identifying alternatives

C. Evaluating alternatives

D. Selecting an alternative

E. Developing premises

Choose the correct answer from the options given below :

Options:

A, B, E, C, D

A, B, C, D, E

B, A, C, D, E

A, E, B, C, D

Correct Answer:

A, E, B, C, D

Explanation:

The correct answer is option (4) : A, E, B, C, D

The correct sequence of steps in the process of planning is as follows :

1. A. Setting objectives

2. E. Developing premises

3. B. Identifying alternatives

4. C. Evaluating alternatives

5. D. Selecting an alternative

So, the correct answer is :

4. A, E, B, C, D

Certainly, here's a brief explanation of each step in the planning process:

1. Setting Objectives (A) : This is the starting  point of the planning process. Setting clear and specific objectives is essential as it provides a sense of direction and purpose for the organization or individual. Objectives outline what needs to be achieved and serve as a benchmark for measuring success.

2.Developing Premises (E): Premises are assumptions or forecasts about the future that can impact the planning process. These include factors like market conditions, economic trends, and technological advancements. Developing premises involves gathering and analyzing information to make informed decisions.

3. Identifying Alternatives (B): Once objectives are set and premises are considered, the next step is to identify various alternative courses of action that can help in achieving the objectives. This step encourages creativity and brainstorming to generate a range of possible solutions.

4. Evaluating Alternatives (C): After generating alternatives, it's essential to evaluate each one in terms of its feasibility, risks, costs, and benefits. This step involves a thorough analysis of the pros and cons of each alternative to determine which is the most viable and suitable.

5. Selecting an Alternative (D): Based on the evaluation, the best alternative is chosen. This involves making a decision on which course of action aligns most closely with the objectives, premises, and the organization's or individual's overall strategy.

By following these planning steps, individuals and organizations can make well-informed decisions and create effective strategies to achieve their goals and objectives. Planning helps ensure that resources are used efficiently, risks are minimized, and the desired outcomes are more likely to be achieved.