Give the meaning of 'objectives' and' budget' as types of plans.

1.	Give the meaning of 'objectives' and' budget' as types of plans.
Answer» (a) Objective: Objectives are the desired end results towards which organisational activities are aimed. Objective are statements of results to be achieved in particular areas of business during a specified period of time. They provide a sense of direction, the rationale or justification for the existence of organisation, for example, to raise market share of our product by organisation for 5% over period of 2 years. (b) Budget: A budget is a statement of expected results expressed in numerical terms. It is a plan which quantifies future facts and figures. It is also a control device from which deviations can be taken care of. eg. Sales Budget, cash budget etc.

Answer»

(a) Objective: Objectives are the desired end results towards which organisational activities are aimed. Objective are statements of results to be achieved in particular areas of business during a specified period of time. They provide a sense of direction, the rationale or justification for the existence of organisation, for example, to raise market share of our product by organisation for 5% over period of 2 years.

(b) Budget: A budget is a statement of expected results expressed in numerical terms. It is a plan which quantifies future facts and figures. It is also a control device from which deviations can be taken care of. eg. Sales Budget, cash budget etc.

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