Question

Give the meaning of objectives and budget as types of plans.

Give the meaning of 'Budget' and 'Strategy' as types of plans.

Give the meaning of objective and policy as types of plan.

Give the meaning of Objectives and Procedure as types of plans.

Give the meaning of Procedure and Method as types of plans.

Give the meaning of Policy and Budget as types of plans.

Give the meaning of Strategy and Rule as types of plans.

Give the meaning of procedure and rule as types of plans.

Explain 'Policy' and 'Method' as type of Plans.

Give the meaning of programme as types of plans.

Explain 'Strategy' and 'Programme' as type of plans.

Answer 1

1. Objectives: This should include a detailed overview of each objective factor needed to achieve those goals, where, when and how it should be performed and the expected outcome of it. Managers need to state these objectives very clearly for each and every department in the organisation so that right direction can be taken for achieving goals.
2. Budget: A budget is a statement of expected results expressed in numerical terms. It is a plan which drafts the desired results in quantifiable figures. For instance, a budget on production defines the number of machines or the number of workers which would be required and the expected units of products which would be produced. This representation in quantifiable figures makes it easier to compare the actual results with the expected results, and thereby take corrective actions.
3. Procedure: It refers to the chronological order of steps which must be followed in an activity. In other words, a procedure defines the general steps which must be followed in an activity with the aim of achieving the set objectives. They are meant for insiders of an organisation to follow. Policies and procedures are interlinked with each other. The procedures are performed within the broad policy framework.
4. Method: Method refers to the way in which an action is to be performed. It deals with individual steps of the procedure and defines the way in which it is to be performed. Different tasks or activities can be performed with a different method. An appropriate method must be selected so as to save time and money. Different training methods can be provided at various levels from the top-level management to the supervisory level.
5. Rules: Rules refer to the standard or specific statements which inform us about what is to be done. It is quite similar to plans because both of them facilitate the achievement of objectives. Rules state what need not be done and what needs to be done, whereas planning points out what to do and how to do. They can be viewed as the simplest of plans. However, rules are rigid in nature, i.e. do not allow flexibility or discretion and are to be followed as is, unless a change is stated by the organisation. Non-compliance with rules leads to disciplinary actions by the organisation. For example, an organisation may have rules regarding the punch-in timings of the employees and every employee of the organisation must follow this rule. Rules act as a guide for general behaviour of the employees in the organisation.
6. Policies: Policies are the statements that act as a guide to channelise the efforts of the organisation in a particular direction. They provide the basis for the interpretation of the organisation's strategies and define broad parameters for the functions of the management. They are usually flexible in nature. With strategies and policies, the company would be able to draft the plan and take steps to survive in the increased market competition.
7. Strategy: A strategy is a comprehensive plan that includes determining the long-term objectives, adopting the required course of action and allocating the necessary resources. They are often defined as the future decisions which showcase the direction and scope of the organisation in the long run. While formulating a strategy, a manager must consider all the different aspects of the business environment and based upon all factors, should finally take up the strategic decisions.
8. Programme: A programme is a detailed statement about a project which outlines the objectives, policies, procedures, rules, tasks, human and physical resources required and the budget to implement any course of action. The minutest details are worked out within the policy framework. A programme is action-based and result oriented. It prescribes how the resources of an enterprise should be used. It is also a single-use plan because it is not used in the same form time and again once the objectives have been achieved. 
   A programme is a sequence of activities directed towards the achievement of certain objectives. It lays down the definite steps which will be taken to accomplish a given task. It also lays down the time to be taken for the completion of each step. For example, a company may have a production programme, sales programme, a training programme, an expansion programme, etc.