What does the planning function of management involve?

The planning function of management primarily involves setting objectives and determining a course of action for achieving those objectives. This includes analyzing the current situation, forecasting future conditions, and identifying the resources needed to achieve the goals. Creating incentives for top performers can be part of a broader planning strategy aimed at enhancing productivity and motivation within the workforce. It reflects a proactive approach to aligning employees' efforts with the organization’s strategic direction.

While managing day-to-day operations, evaluating employee performance, and implementing communication strategies are crucial aspects of organizational management, they typically fall under other management functions such as organizing, leading, and controlling rather than the planning function specifically. Therefore, the focus on creating incentives as a part of a comprehensive planning strategy encapsulates how management anticipates challenges and prepares for future needs.