Planning in deciding in advance what to do and how to do. Before doing something, the manager always formulates an idea of how to work on a particular task.
Planning is not a guarautee of success in dynamic environment.

Planning is deciding in advance what to do, how to do and by whom.It bridges the gap between 'where we are and where we want to go'.

Planning is deciding in advance what to do, how to do and by whom.It bridges the gap between 'where we are and where we want to go'.

Planning is deciding in advance what to do, how to do and by whom.It bridges the gap between 'where we are and where we want to go'.

Planning : It is deciding in advance what is to be done. When a manager plans, he projects a course of action for the future, attempting to achieve a consistent and coordinated structure of operations aimed at the desired results. 
Importance of planning:
(i) Planning provides direction By stating in advance how work is to be done, planning provides direction for action. It reduces aimless activity and makes action more meaningful. 
(ii) Planning reduces the risk of uncertainty Planning is always done for future and future is uncertain. With the help of planning, possible changes in future are anticipated and various activities are planned in the best possible way. 
(iii) Planning facilitates decision-making Planning is an intellectual activity. It helps the manager to look into the future and make a choice from amongst various alternative courses of action. The manager has to evaluate each alternative and select the most viable option. Thus, decision- making is inherent in planning. 
(iv) Planning reduces overlapping and wasteful activities : Planning serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding. Since, planning ensures clarity in thought and action, hence, the work is carried on smoothly without any interruptions.
(v) Planning promotes innovative ideas : Planning is the first function of management, where new ideas can take the shape of concrete plans. It is the most challenging job or an activity of the management as it guides all future actions, leading to growth and prosperity of the business.

Objective
It refers to the desired future positions that an organisation seeks to reach. They are the 'end' of managerial activity i.e. the end result of activities.
They are framed by the top management and accordingly objectives are set for different departments and units.Objectives should be set in specific, quantitive terms, in the form of written statement of desired results, to be achieved within a given time period. These provide the base for controlling the activities. e.g. increase in sales by 10%, increase in profit by 15%, etc.
Procedure
It describes the exact manner, in which a certain activity is to be performed.It is a chronological sequence of steps to be taken. They are designed to execute policies and achieve objectivities. These also come under the standing plan as it prescribes ways to handle routine problems.
They are usually meant for insiders to follow. e.g. procedure of selection of employees, procedure of issuing materials from stores, etc.
Rule
They are specific statements that inform what is to be done. There is no discretion allowed in rules. They must be followed strictly and one cannot make any changes in them. Rules are the simplest type of plans because there is no change or compromise in following them.
Method
It provides the prescribed ways or manner, in which a task has to be performed considering the objectives.They are formalised and standardised ways of accomplishing repetitive and routine jobs, thus, are considered under the standing plan.
It deals with a task which may be a step of a procedure and specifies how a step is to be performed.e.g. methods of training, methods of recruitment, etc.

Difference between standing and single use plans

As we all know, planning is to decide in advance what to do and how to do. It is an activity, which follows certain logical steps.
1.Setting Objectives
Every organisation operates to achieve certain objectivities. Objectivities specify what the organisation wants to achieve.Therefore, the first step in planning is to define and describe clearly the objectives of the organisation and each department or unit within the organisation.Once decided, these objectives should be communicated to all the units and employees.
2.Developing Premises
Planning is concerned with future, which is uncertain and every planner is using conjecture about what might happen in future.
Therefore, the manager is required to make certain assumptions about future.These assumptions are known as premises.Premises are the base, upon which plans are drawn. They may be forecasts, existing plans or past information.
3.Identifying Alternative Courses of Action
Once the objectives and planning premises are established, it becomes necessary to discover the various courses of action, which may be used to achieve the established objectives.These alternatives may be routine or innovative.If the project is an important one, more alternatives should be identified.
4.Evaluating Alternative Courses
The next step is to weigh the pros and cons of each alternative. It is necessary to evaluate the positive and negative aspect of each alternative in the light of the objectives to be achieved.
This might involve a number of calculations to measure the cost and benefits related to an alternative.
5.Selecting an Alternative
 This is the real point of decision making.The best plan has to be adopted and implemented.An ideal plan would be the one which is most profitable, most feasible and has the least negative consequences.Such judgement will depend upon the experience and intuition of the manager.
6.Implementation the plan
This step is concerned with putting the plan into action and doing what is required.The managers start communicating the plans to employees and initiate them to carry out the activities according to the specification of plans.
7.Follow-up Action
Planning is a continues process, so the managers keep on following up the plans to see that activities are performed as per the schedule or not.Monitoring the plans is important to ensure achievement of objectives.