Final answer:
The first steps in managerial planning involve predicting goals, strategies, tactics, and outcomes. It also involves considering the 5 W's and making decisions on production.
Step-by-step explanation:
One of the first steps in managerial planning requires you to predict the goals, the strategies, tactics, and outcomes. When identifying your goals, you need to consider the 5 W's: Who is involved, What do you want to accomplish, Where will you need to go, When will this need to be accomplished by, and Why are you wanting to do it. Additionally, planning for production involves decisions on what products to produce, how to produce them, how much to produce, what price to charge, and how much labor to employ. These decisions depend on the production and cost conditions facing the firm and the market structure of the industry.