Question

Explain the following types of plans:
(b) Strategy

(ii) Method

(iii) Budget

Hint:

A strategy is a long-term plan, methods are the approaches to tasks, and a budget is the financial roadmap for resource allocation.

Answer 1

(i) Strategy: A strategy is a comprehensive plan designed to accomplish an organisation’s objectives by determining long-term objectives, adopting a course of action, and allocating resources.
(ii) Method: Methods refer to the prescribed ways in which tasks are performed to achieve objectives. Methods ensure uniformity and efficiency in execution.
(iii) Budget: A budget is a statement of expected results expressed numerically, serving as a financial plan for resource allocation.