TERM OF THE DAY planning 1. The control of development by a local authority, through regulation and licensing for land use changes and building. 2. A basic management function involving formulation of one or more detailedplans to achieve optimum balance of needs or demands with the availableresources. The planning process (1) identifies the goals or objectives to be achieved, (2) formulates strategies to achieve them, (3) arranges or creates themeans required, and (4) implements, directs, and monitors all steps in their proper sequence. Learn more about this term Usage Example If management fails to follow through with the early stages of planning and strategic decision making, it is very possible the merger will fail.