The words ‘planning’ and ‘a plan’ may also be taken as similar but their meanings are different. A
plan is a commitment to particular course of actions whereas planning is an activity consisting of a
process. To clear the meaning of planning further, some definitions have been discussed:
Geogre Terry. “Planning is the selecting and relating of facts and the making and using of assumptions regarding the future in the visualization and formulation of proposed activities believed necessary to achieve desired results.” According to Terry planning is based on certain assumptions which are required to formulate policies of the business. The purpose of planning is
to achieve business objectives
