Understanding Planning Cycle With PG Diploma In Business Management
Benjamin Franklin said u201cBy failing to prepare, you are preparing to fall.u201d What he meant was that in order to succeed in work, you need to plan your course first and then walk on it. Planning is an ongoing process and is not a one day job. A proper planning cycle as is taught in PG Diploma in Business Management, is to bring together all facets of planning into a single unified process. Planning cycle is a crucial aspect of a lot of PG Courses in India and therefore, today we have come up with a stepwise guide to a successful planning cycle: Step 1 - Analyse It All Step 2 - The Aim Of The Plan Step 3 - Look For Solutions Step 4 - Identifying The Best Option Step 5 - Laying Out A Detailed Plan Step 6 - Evaluating The Plan As Well As Its Impact Step 7 - Implementing Change If Needed Step 8 - Closure Of The Plan You need to detail that option and convert it into a detailed plan. This would include breaking it into tasks, assigning the tasks, calculating individual as well as overall effort, estimation of time and cost and so on. While laying down a detailed plan, it is also important to come up with a control mechanism so that you can monitor the performance at each step and introduce necessary fixes if required. SWOT Analysis is a very renowned analysis technique where a person assesses his strengths and weaknesses as well as his threats and opportunities. The other technique is doing the Risk analysis. This helps in spotting the various risks and weaknesses involved in the project thereby creating an opportunity for improvements and neutralising those risks.
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