Give the meaning of ‘objectives’ and ‘budget’ as types of plan

1.	Give the meaning of ‘objectives’ and ‘budget’ as types of plans.
Answer» Objectives – Objectives are the type of plan which determines end points, for the attainment of which all activities are undertaken. Following are the features of objectives : 1. Objectives reflect philosophy of management. They summarise the pious intention of the management. They focus on broad general issues. 2. Objectives indicate the destination. They need to be expressed in specific or quantitative terms. 3. Objectives are always laid down by the top management. Budget – A budget is a statement of expected results expressed in numerical terms. Following are its features: 1. Budget is expressed in numerical terms. 2. A budget is a control device because budgeted targets act as standards which are compared with actual results. 3. A budget is flexible and may be changed in the light of deviations. An example of budget is cash budget.

Give the meaning of ‘objectives’ and ‘budget’ as types of plans.

Answer»

Objectives – Objectives are the type of plan which determines end points, for the attainment of which all activities are undertaken.

Following are the features of objectives :

1. Objectives reflect philosophy of management. They summarise the pious intention of the management. They focus on broad general issues.

2. Objectives indicate the destination. They need to be expressed in specific or quantitative terms.

3. Objectives are always laid down by the top management.

Budget – A budget is a statement of expected results expressed in numerical terms.

Following are its features:

1. Budget is expressed in numerical terms.

2. A budget is a control device because budgeted targets act as standards which are compared with actual results.

3. A budget is flexible and may be changed in the light of deviations. An example of budget is cash budget.

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