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Planning can be defined as “thinking in advance what is to be dobe, when it is to be done, how it is to be done and by whom it should be done”. Planning involves setting objectives and deciding on advance the appropriate course of action to achieve these objectives so we can also defining planning as setting up of objectives and targets and formulating an action plan to achieve them. Another important ingredient of planning is time. Plans are always developed for a fixed time period as no business can go on planning endlessly.