What is the role and the position of the cost in the process of the planning?

It is very important that the planning is done in the particular framework of the time, the performance and the cost. The importance of the time has been explained above and now we will try to understand the importance of the cost in the process of the planning. Money value of any type of the plan is referred to as the cost. The cost in the process of the planning largely depends on the competition, the various products that are to be used and the types of the services that are to be provided. The cost of the planning can be adjusted at the different stages of the process with the help of the various alternatives or the substitutes that are available for the various products and the services.

One important point that must be remembered during the process of the implementation is that the cost must remain between the planned margins. And if the costs at any time cross the margins, the whole process of the planning is very greatly affected.

For keeping the planning within the planned costs, it is very necessary to keep the control over the resources and its use as the actions depends a lot on the resources that are available.