In order to succeed in business, you must know where you intend to go and how you intend to get there. In this process of planning, you will identify, assess, and determine how to deal with many potential problems. Unless you are very brave or just foolhardy then you will consider it necessary to undertake the time consuming task of planning.
Planning is one of management's most important tools. Planning is hard work and in fact it can be the most difficult and challenging work that management does. The more effort put into planning, the more complete and accurate the result and the greater the value of the plan to management.
This project sets out to evaluate people's understanding of the importance and significance of business planning. While this project does not attempt to cover all of the issues it has addressed the most significant.
During the course of this study a number of issues were identified. These included: the nature of business planning, developing and using your business plan, analysis and review, objectives and strategy, operating plans and tactics, and reporting, analysis and corrective action. A number of hypotheses concerning the issues were proposed. These hypotheses were then tested through a questionnaire on one hundred and fourteen MBA students who were at varying stages of completion of their course and the majority of whom were involved in the business environment.
An analysis of the responses to the questionnaire reveals that there is a reasonable understanding of the issues involved and there is a slightly improved understanding as the course progresses.