Give the meaning of 'strategy' and 'rule' as types of plans.
Give the meaning of 'strategy' and 'rule' as types of plans.
The meaning of 'strategy' and 'rule' as types of plans are given below :
(i) Strategy: A strategy is a comprehensive plan to achieve the organisational objectives.
The dimensions of strategy are:
(a) Determining long-term objective.
(b) Adopting a particular course of action.
(c) Allocating resources for achieving the objectives.
(d) Strategy is formulated after scanning the business environment.
(ii) Rules: These are specific statements that inform what is to be done. They do not allow any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. Rules generally refer to the administrative area of the procedure. They serve as guides and do not leave any scope for discretion.
The meaning of 'strategy' and 'rule' as types of plans are given below :
(i) Strategy: A strategy is a comprehensive plan to achieve the organisational objectives.
The dimensions of strategy are:
(a) Determining long-term objective.
(b) Adopting a particular course of action.
(c) Allocating resources for achieving the objectives.
(d) Strategy is formulated after scanning the business environment.
(ii) Rules: These are specific statements that inform what is to be done. They do not allow any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. Rules generally refer to the administrative area of the procedure. They serve as guides and do not leave any scope for discretion.
