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What is planning? a short note

Planning It is the basic function of Management. It refers to decision in advance about the function to be undertaken in future to achieve the predetermined objectives of the organization. It is concerned with the mental state of a manager. It involves'thinking before doing' .  All other functions of manager are undertaken after the the planning function. It involves the selection of Organizational objectives and developing policies, procedures, programmers, budgets and strategies. It is a process of looking ahead. It may be different types likes, short range plans, long range plans, standing plans, single use plans, operational plans, etc.
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Limitations of Management accounting

Management accounting Management accounting is concerned with the accounting information that is useful to management Limitations of Management accounting These are the following limitations of Management accounting :- Based on Accounting information Lack of Knowledge Intuitive decision Not an alternative to administration Top heavy structure Evalutionery stage personal basis Psychological resistance (1) Based on Accounting Information : Management accounting is based on data supplied by financial and cost accounting. Historical data used to make future decision. The correctness and effectiveness of managerial decision will depend upon the quality of data on which these decisions are based. (2) Lack of knowledge : The use of management accounting requires the knowledge of a number of related subjects. Management should be conversant with accounting principles, statistics,etc. and only the management can be effectively utilised. Deficiency in knowledge of any of these subjects limits th...
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