The first and key function of management is

Planning is considered the first and most important function of management. It sets goals and decides how to achieve them. Without planning organizations cannot coordinate resources properly. Planning gives direction reduces risk and prepares firms for challenges. For example a company may plan sales targets for a year and then allocate resources for marketing production and staffing. Good planning also includes forecasting and evaluation of alternatives. Once planning is complete the other functions like organizing staffing and controlling can follow effectively. Thus planning is the foundation of all management processes.