question_answer

"Some plans are formulated by companies to deal with situations that can occur again and again." Identify the type of plan and explain any four of them.

Answer:

Standing plans are formulated by companies to deal with situations that can occur again and again. The types of standing plan are as follows: (any four) (i) Objectives It can be said to be the desired future position that the management would like to reach. (ii) Strategy A strategy is a comprehensive plan for accomplishing an organisation's objectives. (iii) Policy These are general statements that guide thinking or channelise energies towards a particular direction. (iv) Procedure It describes the exact manner, in which a certain activity is to be performed. (v) Method It provides the prescribed ways or manner, in which a task has to be performed, considering the objectives.