ABSTRACT
Planning is the foundation of all business activities. It considers the future today. The success of a manager or an entire enterprise may depend on whether the initial planning was well done or inferior, because planning initiates a bundle of decisions. It selects and relates facts and makes assumptions about the future, then uses them in conceiving and formulating activities considered necessary to achieve desired results. It establishes in advance what is to be done and how, by whom and when. It does so by studying alternative options and ways and means to reach defined goals and objectives. The strategic planning process known as Management by Objectives (MBO) grew out of a statement made by Peter Drucker in 1954. It is a process whereby managers in an organization work together as a team to identify common objectives and establish activities required to lead to the achievement of those objectives.
