Two limitations of planning are:
(i) When plans are not implemented into action, they become meaningless, due to which an organisation suffers.
(ii)Planning is a time-consuming process.

(i) Policy They are the general statements that guide decision-making. It defines the boundaries within which decisions are taken towards the accomplishment of objectives.
(ii) Because of the lack of experience, freshers were not able to perform well due to which company's raw material, time, effort, money, all goes in vain.Values affected in the company are:
(a) inefficient use of resources.
(b) Waste of time.

Planning serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals.It helps in avoiding confusion and misunderstanding.As it ensures in clarity in thought and action, work is carried on smoothly without interruptions.Thus. we can say, by opting planning, managers can eliminate or minimise the useless and redundant activities.

Planning lays down the base for all other functions of management.All the other functions are performed within the framework of the plans drawn.

Since planning precedes all the other functions, it is called the primary function of management or primacy of planning. 

(i) The function of management present here is 'planning', what is to be done, how and whom. It bridges the gap between where we are and where we want to go.
(ii) The values satisfied in the above para are:
(a) Employment
(b) Increase in income
(c) Higher living standard of people.

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'.

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.