Selection of short- and long-term objectives and the drawing up of tactical and strategic plans to achieve those objectives. In planning, managers outline the steps to be taken in moving the organization toward its objectives. After deciding on a set of strategies to be followed, the organization needs more specific plans, such as locations, methods of financing, hours of operations, and so on. As these plans are made, they will he communicated throughout the organization.
When implemented, the plans will serve to coordinate, or meld together, the efforts of all parts of the organization toward the company's objectives.

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Dictionary of Accounting Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.

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