Give the meaning of 'objectives', 'procedure' and budget as types of plans.
Give the meaning of 'objectives', 'procedure' and budget as types of plans.
Objectives: These are defined as end results which the management seeks to achieve by its operations. They are set by the top management of the organisation and are measurable. Different departments and units may have their own objectives. There must be a time limit for the achievement of objectives.
Procedure: It is a stipulated sequence of a course of action for handling activities. They are specified in chronological order, e.g. there may be a procedure for requesting supplies for production. Procedures are designed to execute policies and achieve objectives.
For example, the procedure may be for the purchase of raw material, selection of employees, redressal of grievances, etc.
Budget: It is a statement of expected results expressed in numerical terms. It is a projection designed to define the anticipated costs and results in numerical terms of a single project. Thus, it comes under the single-use plan. Since budgets are prepared in numerical terms, it becomes easier to compare them with the actual performance. Thus, it is considered as a control device, prepared during the planning process.
Objectives: These are defined as end results which the management seeks to achieve by its operations. They are set by the top management of the organisation and are measurable. Different departments and units may have their own objectives. There must be a time limit for the achievement of objectives.
Procedure: It is a stipulated sequence of a course of action for handling activities. They are specified in chronological order, e.g. there may be a procedure for requesting supplies for production. Procedures are designed to execute policies and achieve objectives.
For example, the procedure may be for the purchase of raw material, selection of employees, redressal of grievances, etc.
Budget: It is a statement of expected results expressed in numerical terms. It is a projection designed to define the anticipated costs and results in numerical terms of a single project. Thus, it comes under the single-use plan. Since budgets are prepared in numerical terms, it becomes easier to compare them with the actual performance. Thus, it is considered as a control device, prepared during the planning process.
