What is involved in the planning function of management?

The planning function of management is fundamentally about setting goals and outlining a course of action to achieve those goals. It involves not just the identification of objectives but also the development of strategies and tactics necessary to reach those objectives effectively.

Creating a plan of action with incentives for top performers aligns well with this function because it emphasizes the importance of motivating employees and providing clear pathways to success. By incorporating performance incentives into the planning process, managers are able to engage their teams more fully, setting defined goals and encouraging high levels of productivity and innovation. This approach creates a supportive environment where employees are driven to achieve targets, ultimately enhancing organizational performance.

In contrast, setting strict punishments for failure does not embody the constructive and strategic nature expected from effective planning. Eliminating all risks is impractical since risk is inherent in any business, and attempting to eliminate it can lead to missed opportunities and stifled innovation. Monitoring employee attendance, while important for operational management, does not encompass the broader strategic focus involved in the planning function of management.

Overall, incorporating performance incentives into a well-thought-out plan reflects a comprehensive approach to management that aligns with the overall goals of the organization.