In book it is given that plans are always prepared for fixed period of time as no bussiness can go on planning endlessly at the same time it is the feature of planning that it is a continues process. which is right?

Dear Ankita, both the statements are correct as 'Plans' are always prepared for fixed period but planning is done continuously. This is because after the completion of one plan period, need arises for formulation of another plan, keeping in views the new objectives and circumstances. Moreover, within a plan period need arises to modify the plans as per the changing needs and requirements. Thus, planning does not have an end. It is a continuous process all along the life of a business enterprise.