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Dear student. The different types of plans are: (i) Objective 'One of her objective is to earn 10% profit on the amount invested in the first year.' An objective is the end which the management seeks to achieve within a given time period. (ii) Policy 'It was decided that raw materials like fruits, vegetables, spices etc, will be purchased on three months credit from farmers cultivating organic crops only.' Policy is a general guideline which brings uniformity in decision making for achievement of predetermined objectives. (iii)Procedure 'She also decided to follow the steps required for marketing of the products through her own outlets.' Or ‘She appointed Mohan as a Production Manager who decides the exact manner in which the production activities are to be carried out'. It consists of sequence of routine steps on how to carry out activities. It details the exact manner in which any work is to be performed. (iv)Budget 'Mohan also prepared a statement showing the number of workers that will be required in the factory throughout the year.' Or 'Madhu informed Mohan about the sales target for different products, areawise for the forthcoming quarter, 'A budget is plan which states expected results of a given future period in numerical terms. It may be expressed in time, money or physical units. (v) Rule 'Wile working on the production table, a penalty of Rs.100 per day for not wearing the caps, gloves and aprons was announced.' A rule is a statement that specifies what is to be done or not to be done. Regards

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