Every March, Meena Ltd. conducts its Annual Management Programme, where the top managerial personnel gather to formulate plans for the upcoming year. Their goal is to analyze and predict the future, enabling the organization to effectively navigate forthcoming events. Given their responsibility for steering the organization, these managers meticulously verify facts using scientific calculations. Thorough discussions with professional experts contribute to the preparation of detailed plans, and preliminary investigations are conducted to assess plan viability. Since this is an intellectual undertaking demanding intelligent imagination and sound judgment, it is primarily undertaken by the top management. The implementation of plans is generally carried out by the remaining team members, with middle-level managers expected to adhere to the plans without deviation or independent action. The top management oversees the entire process, ensuring that the expenses incurred in formulating the plans are justified by the benefits derived from them. This approach maintains a strategic and thoughtful approach to planning and execution within Meena Ltd.

Which function of management is discussed in the above passage?

Planning

The correct answer is option 1 i.e. planning.

Meena Ltd. makes plan for the upcoming year to achieve the goals for the company.

Planning involves setting objectives and developing appropriate courses of action to achieve these objectives. Objectives provide direction for all managerial decisions and actions. Planning provides a rational approach for achieving predetermined objectives.