What do you mean by planning premises? - Vidyadip

Question

What do you mean by planning premises?

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Answer

• While making plans every manager has to make certain assumptions related to the future. These assumptions are known as premises.
• Planning premises are assumptions relating to future conditions and events which are likely to have an effect on the achievement of organizational goals.
• These are the bases upon which the entire structure of planning is built.
• Every plan is drawn with certain assumptions. To make planning effective, it is necessary that the premises should be based on accurate forecasts..
• For example, demand for a product, the cost of raw materials, interest rates, state of technology, the intensity of competition, government policies etc.

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