Management planning has continued to evolve in line with management theories over time. Matters arising in the business world have necessitated the evolution of management theory and practice over the years. Frederick Taylor introduced the Scientific Approach to address the issue of production standards and redefined the role of managers as specialized foremen. Other approaches followed, such as the Administrative Approach by Henri Fayol and the Bureaucratic Approach by Max Weber among other approaches. One of the most significant aspects that these approaches shared was the need for organization and planning in the management of business enterprises.
Management planning remains important because it provides avenues for improved efficiency and effectiveness of business practices. Despite the unpredictable nature of the environment, previous approaches have confirmed that it is important for businesses to develop a sense of direction. This is achieved through the establishment of clear goals, objectives, and appropriate procedures guiding business practice.
There has been a noticeable shift towards crisis management and the need for contingency approaches in management planning. Thus, planning considers the importance of developing crisis management systems, which entails some level of flexibility in the overall plan. This enables the business to maintain awareness of risks and absorb the shocks emanating from the environment.