Give the meaning of 'Policy' and 'Budget' as types of plans.

1.	Give the meaning of 'Policy' and 'Budget' as types of plans.
Answer» (a) Policy: Policies are the general statements which guide thinking and action of the members of the organisation. A policy serves as a guide to decision makers to channelizes the energy in a proper direction. It provides direction to deal with a particular situation. Such a policy is the general response to a particular problem or situation. Policies guide the managerial action and decisions in the implementation of strategy. For example, sales policy recruitment policy etc. (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 deviation can be takes care of. eg. sales budget, cash Budget.

Answer»

(a) Policy: Policies are the general statements which guide thinking and action of the members of the organisation. A policy serves as a guide to decision makers to channelizes the energy in a proper direction. It provides direction to deal with a particular situation. Such a policy is the general response to a particular problem or situation. Policies guide the managerial action and decisions in the implementation of strategy. For example, sales policy recruitment policy etc.

(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 deviation can be takes care of. eg. sales budget, cash Budget.

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