Question:
Explain the following types of plans:
(b) Strategy
(ii) Method
(iii) Budget
Explain the following types of plans:
(b) Strategy
(ii) Method
(iii) Budget
(b) Strategy
(ii) Method
(iii) Budget
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A strategy is a long-term plan, methods are the approaches to tasks, and a budget is the financial roadmap for resource allocation.
Updated On: Feb 21, 2025
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Solution and Explanation
(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.
(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.
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