NEED FOR PLANNING
- To ensure and increase the rate of economic development. Planning assist in increasing the rate of capital formation by raising the levels of income, saving and investment.
- To remove widespread unemployment
- To remove high level of poverty and bring about even distribution of resources to the people
- To promote risk management in executing public project and enhance organizational and individual learning.
- Planning would enhance proper growth and development so that we would be able to measure our performance with other Advanced Democracies of the west as well as “Asian Tigers – China, Malaysia, Singa pore and South Korea as well.
BENEFITS OF PLANNING
- Planning enable us to know what should be done, when, without proper planning, projects or programmes may be implemented at the wrong time or in the wrong manner and result in poor outcomes.
- Planning helps us to manage crises and ensure smoother implementation.
- Planning improves focus on priorities and lead to more efficient use of time, money and other resources.
- Planning helps to determine what success will look like.
A proper plan helps individuals and units to know whether the results achieved are those that were intended and to assess any discrepancies.
CONSEQUENCIS OF NOT PLANNING
- Lack of planning or inadequate planning may lead to wastage of materials and human resources.
- It may lead to vicious circles of poverty. If people are backward and illiterate, lack in technical skill, knowledge and entrepreneurial activity. The natural resources will tend to remain unutilized, underutilized or even misutilized.
- There will be low rate of capital formation in the country low productivity leads to low real income, low saving, low investment and to low rate of capital formation.
- Lack of planning hindered economic growth and development in the society.
- Unplanned economy may lead to state of anarchy, chaos, kidnapping, acrimony, killing, harassment and intimidation of innocent citizens in the society. No thanks to problems of kidnapping and militancy in Niger Delta, Boko Haram in the Northern Nigeria etc.
MEANING OF PLANNING
Planning can be defined as the process of setting goals, developing strategies, outlining the implementation arrangements and allocating resources to achieve those goals.
see your work book for exercise.