Is planning worth the huge costs involved? Explain.

Planning certainly involves a huge cost. However, the cost involved in planning is negligible when it is being compared to its importance. Below mentioned are a few factors due to which we can say that planning is a vital action despite the huge costs:

Gives direction: Planning precisely states the goals that are to be accomplished. Hence, it is an acting guide for the actions that are to be taken. It certainly renders direction to the actions of different departments of an organisation.
Risks are reduced: By guiding an organisation in the right direction, it assigns its managers to scrutinize and predict changes. This leads to a reduction in uncertainty of the predictable events.
Minimized overlapping: As all the managers are well informed with the policies and plans of an establishment, they agree to coordinate different activities together to attain those goals.
Encourages creativity: Planning is one of those aspects that promotes innovative ideas and thoughts. It is a vital pursuit, which demands the best of the managers thinking abilities and skillsets.
Assists in decision making: Planning serves as the foundation for making the decisions. It involves scrutinizing the future, assessing the various courses of action and picking the best alternative.