INTRODUCTION The development of corporate
planning in business is a post World War II Phenomenon. Before the period of
the World War II, almost all business enterprises were carrying on their
business affairs without stating any formal objectives or formal long range
business plans. Usually business planning was confined to the lower
organizational levels, mainly the functional or the departmental levels and
they had only short-term plans which focused mainly on manufacturing product planning,
materials ordering and receiving, and hiring of labor. Most companies used to
have annual budgets or yearly financial plans to ensure their liquidity (Donald,
2009). Since that period of World War II, higher level planning that is at the
core body of the company long-range level usually of 3 to 7 years period
planning has assumed ever increasing importance. The development of business
planning has been a revolutionary movement or as the technological revolution
or even the revolution in life-styles due to income demonstration effects from
time to time.
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