Which type of plan is referred through each of the following statements? Name the plan and give an example for each one.
(a) They are defined as ends which the management seeks to achieve by its operations.(b) These are general statements that guide thinking or channelize energies towards a particular direction.(c) They provide details in exact manner in which any work is to be performed.(d) They provide the prescribed ways or manner in which the task has to be done considering the objective.(e) These are specific statements that inform what is to be done and it does not allow for any flexibility.
The following are the respective type of plans
(a) They are defined as ends which the management seeks to achieve by its operations- Objectives.
For example, the objective of a company can be to increase its profits by 20% in the coming year.
(b) These are general statements that guide thinking or channelize energies towards a particular direction- Policy
For example- If a company adopts a recruitment policy, stating that not more than 10 people will be hired from campus placements. Then, the recruitment process would work in this direction and according to the stated policy.
(c) They provide details in exact manner in which any work is to be performed- Procedure
For example- Procedure followed in order to file a suit against a third party in case of breach of law.
(d) They provide the prescribed ways or manner in which the task has to be done considering the objective- Method
For example- Encouraging employees to work by giving then proper incentives is a method for promoting work efficiency.
(e) These are specific statements that inform what is to be done and it does not allow for any flexibility- Rule
For example- The employees of a company should carry their id cards at the time of entry is a rule that should be followed by every employee.
In case of any other doubt, do get back to us.
(a) They are defined as ends which the management seeks to achieve by its operations- Objectives.
For example, the objective of a company can be to increase its profits by 20% in the coming year.
(b) These are general statements that guide thinking or channelize energies towards a particular direction- Policy
For example- If a company adopts a recruitment policy, stating that not more than 10 people will be hired from campus placements. Then, the recruitment process would work in this direction and according to the stated policy.
(c) They provide details in exact manner in which any work is to be performed- Procedure
For example- Procedure followed in order to file a suit against a third party in case of breach of law.
(d) They provide the prescribed ways or manner in which the task has to be done considering the objective- Method
For example- Encouraging employees to work by giving then proper incentives is a method for promoting work efficiency.
(e) These are specific statements that inform what is to be done and it does not allow for any flexibility- Rule
For example- The employees of a company should carry their id cards at the time of entry is a rule that should be followed by every employee.
In case of any other doubt, do get back to us.